SPIRIT AEROSYSTEMS HOLDINGS, INC., 10-K filed on 2/28/2025
Annual Report
v3.25.0.1
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2024
Jan. 16, 2025
Jun. 27, 2024
Class of Stock [Line Items]      
Title of 12(b) Security Class A common stock, par value $0.01 per share    
Security Exchange Name NYSE    
Entity Incorporation, State or Country Code DE    
Document Transition Report false    
Entity Common Stock, Shares Outstanding   117,266,121  
Entity File Number 001-33160    
Entity Tax Identification Number 20-2436320    
Entity Address, Address Line One 3801 South Oliver    
Entity Address, City or Town Wichita    
Entity Address, State or Province KS    
Entity Address, Postal Zip Code 67210    
City Area Code 316    
Local Phone Number 526-9000    
Entity Interactive Data Current Yes    
Current Fiscal Year End Date --12-31    
Entity Shell Company false    
Document Period End Date Dec. 31, 2024    
Trading Symbol SPR    
Document Annual Report true    
Entity Current Reporting Status Yes    
ICFR Auditor Attestation Flag true    
Entity Registrant Name Spirit AeroSystems Holdings, Inc.    
Entity Central Index Key 0001364885    
Document Type 10-K    
Document Period End Date Dec. 31, 2024    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Current Fiscal Year End Date --12-31    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Filer Category Large Accelerated Filer    
Entity Shell Company false    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Public Float     $ 3,800,000,000
Trading Symbol SPR    
Document Information [Line Items]      
Auditor Name Ernst & Young LLP    
Auditor Location Wichita, Kansas    
Auditor Firm ID 42    
Document Financial Statement Error Correction [Flag] false    
v3.25.0.1
Cover
 12 Months Ended
Dec. 31, 2024
Cover [Abstract]  
Documents Incorporated by Reference
Portions of the registrant’s Proxy Statement for the 2025 Annual Meeting of Stockholders to be filed not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated herein by reference in Part III of this Annual Report on Form 10-K.
v3.25.0.1
Consolidated Statements of Operations - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Net revenues $ 6,316.6 $ 6,047.9 $ 5,029.6
Operating costs and expenses      
Cost of Goods and Services Sold 7,689.0 5,841.7 4,981.0
Selling, general and administrative 365.5 281.9 279.2
Restructuring Charges 0.7 7.2 0.2
Research and development 47.5 45.4 50.4
Total operating costs and expenses 8,102.7 6,182.1 5,310.8
Operating loss (1,786.1) (134.2) (281.2)
Interest expense and financing fee amortization (353.5) (318.7) (244.1)
Other expense, net 2.0 140.4 14.1
Loss before income taxes and equity in net income (loss) of affiliates (2,141.6) (593.3) (539.4)
Income tax benefit (provision) 2.4 (22.5) (5.2)
Loss before income taxes and equity in net income (loss) of affiliates (2,139.2) (615.8) (544.6)
Equity in net income (loss) of affiliates 0.2 (0.3) (1.6)
Net loss $ (2,139.8) $ (616.2) $ (545.7)
Loss per share      
Basic (in dollars per share) $ (18.32) $ (5.78) $ (5.21)
Earnings Per Share, Diluted (18.32) (5.78) (5.21)
Common Stock, Dividends, Per Share, Declared $ 0.00 $ 0.00 $ 0.03
Net Income (Loss) Attributable to Noncontrolling Interest $ (0.8) $ (0.1) $ 0.5
Net income (2,139.8) (616.2) (545.7)
Income (Loss) from Equity Method Investments 0.2 (0.3) (1.6)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest (2,139.0) (616.1) (546.2)
Other Expenses 0.0 5.9 0.0
Interest and Debt Expense 353.5 318.7 244.1
Other Nonoperating Income (Expense) $ (2.0) $ (140.4) $ (14.1)
v3.25.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net loss $ (2,139.8) $ (616.2) $ (545.7)
Other comprehensive (loss) income, net of tax:      
Pension, SERP and Retiree medical adjustments, net of tax 1.5 70.8 (121.4)
Unrealized foreign exchange gain (loss) on intercompany loan, net of effect (0.6) 1.8 (4.4)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax 2.1 9.8 (23.7)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax (3.6) (0.5) 18.7
Foreign currency translation adjustments (9.9) 32.4 (49.4)
Total other comprehensive (loss) income, net of tax (10.5) 114.3 (180.2)
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest   (0.1) 0.5
Total comprehensive loss $ (2,150.3) $ (501.9) $ (725.9)
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Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension, SERP and Retiree medical adjustments, tax $ 1.0 $ 7.6 $ 35.3
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax 0.5 (0.7) (4.6)
Unrealized foreign exchange gain (loss) on intercompany loan, tax 0.3 (1.0) 1.8
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax $ 0.0 $ 0.0 $ 0.0
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Assets    
Cash and cash equivalents $ 537.0 $ 823.5
Restricted Cash, Current 0.0 0.1
Accounts receivable, net 395.3 585.5
Unbilled Receivables, Current 777.9 522.9
Inventory, net 1,891.7 1,767.3
Disposal Group, Including Discontinued Operation, Assets 100.6 0.0
Other current assets 58.0 52.5
Total current assets 3,760.5 3,751.8
Property, plant and equipment, net 1,947.9 2,084.2
Operating Lease, Right-of-Use Asset 79.0 92.1
Pension assets 49.4 33.5
Pension reversion assets 41.2 61.1
Deferred tax asset-non-current, net 0.1 0.1
Other assets 105.2 99.9
Total assets 6,762.8 6,950.1
Liabilities    
Accounts payable 1,041.1 1,106.8
Accrued expenses 453.3 420.1
Profit sharing 59.0 15.7
Current portion of long-term debt 424.5 64.8
Operating Lease, Liability, Current 10.0 9.1
Advance payments, short-term 158.1 38.3
Contract with Customer, Liability, Current 270.3 192.6
Provision for Loss on Contracts 471.5 256.6
Deferred revenue and other deferred credits, short-term 75.4 49.6
Customer Advances and Deposits, Current 532.0 0.0
Disposal Group, Including Discontinued Operation, Liabilities 18.8 0.0
Other current liabilities 53.4 44.7
Total current liabilities 3,567.4 2,198.3
Long-term debt 3,969.7 4,018.7
Operating Lease, Liability, Noncurrent 69.8 84.3
Advance payments, long-term 181.0 301.9
Pension/OPEB obligation 24.9 30.3
Contract with Customer, Liability, Noncurrent 177.4 161.3
Provision for Loss on Contacts, Non Current 799.8 224.1
Deferred grant income liability — non-current 25.1 25.8
Deferred Tax Liabilities, Net, Noncurrent 7.8 9.1
Customer Advances or Deposits, Noncurrent 372.0 180.0
Deferred revenue and other deferred credits 46.7 76.7
Other non-current liabilities 137.2 135.5
Stockholders’ Equity (Deficit)    
Preferred stock, par value $0.01, 10,000,000 shares authorized, no shares issued         0.0 0.0
Additional paid-in capital 1,457.6 1,429.1
Accumulated other comprehensive loss (100.1) (89.6)
Retained (deficit) earnings (1,523.5) 616.3
Treasury Stock, Value (2,456.7) (2,456.7)
Total stockholders' equity (deficit) (2,621.5) (499.7)
Noncontrolling interest 5.5 3.8
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest (2,616.0) (495.9)
Total liabilities and equity (deficit) 6,762.8 6,950.1
Goodwill 630.0 631.2
Intangible Assets, Net (Excluding Goodwill) $ 149.5 $ 196.2
Preferred Stock, Par Value $ 0.01 $ 0.01
Preferred Stock, Shares Authorized 10,000,000 10,000,000
Class A [Member]    
Stockholders’ Equity (Deficit)    
Common stock $ 1.2 $ 1.2
Common Stock, Par Value $ 0.01 $ 0.01
Common Stock, Shares Authorized 200,000,000 200,000,000
Common Stock, Shares, Issued   116,054,291
Class B [Member]    
Stockholders’ Equity (Deficit)    
Common Stock, Par Value $ 0 $ 0
Common Stock, Shares Authorized 0 0
Common Stock, Shares, Issued 0 0
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Shareholders' equity    
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued 0 0
Treasury Stock, Common, Shares 41,587,480 41,587,480
Class A [Member]    
Shareholders' equity    
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 200,000,000 200,000,000
Common stock, shares issued   116,054,291
Class B [Member]    
Shareholders' equity    
Common stock, par value $ 0 $ 0
Common stock, shares authorized 0 0
Common stock, shares issued 0 0
v3.25.0.1
Consolidated Statements of Changes in Shareholders Equity - USD ($)
$ in Millions
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Retained Earnings [Member]
Noncontrolling Interest
Treasury Stock, Value $ (2,456.7)          
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest 448.8          
Balance, shares at Dec. 31, 2021   105,037,845        
Balance at Dec. 31, 2021   $ 1.1 $ 1,146.2 $ (23.7) $ 1,781.4 $ 0.5
Net loss (545.7)          
Dividends, Common Stock, Cash (3.2)       (3.2)  
Proceeds from Issuance of Common Stock 0.0          
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures   338,243        
Employee equity awards, value 36.6   36.6      
Stock forfeitures, shares   (95,262)        
Net shares settled   163,126        
Payment, Tax Withholding, Share-based Payment Arrangement 7.2   7.2      
Stock Issued During Period, Shares, Employee Stock Purchase Plans   134,721        
Stock Issued During Period, Value, Employee Stock Purchase Plan 3.9   3.9      
Stock Forfeitures, value 0.0   0.0      
Other Comprehensive Income (180.2)          
Balance, shares at Dec. 31, 2022   105,252,421        
Balance at Dec. 31, 2022   $ 1.1 1,179.5 (203.9) 1,232.5 3.7
Other retained earnings 3.2       0.0 3.2
Treasury Stock, Value (2,456.7)          
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest (243.8)          
Net loss (616.2)          
Proceeds from Issuance of Common Stock 220.7 $ 0.1 220.6      
Stock Issued During Period, Shares, New Issues   10,454,545        
Employee Benefits and Share-Based Compensation 2.5   2.5      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures   416,956        
Employee equity awards, value 26.8   26.8      
Stock forfeitures, shares   (231,022)        
Net shares settled   199,809        
Payment, Tax Withholding, Share-based Payment Arrangement 6.6   6.6      
Stock Issued During Period, Shares, Employee Stock Purchase Plans   345,177        
Stock Forfeitures, value 0.0   0.0      
SERP shares issued   16,023        
Supplemental Retirement Plan Shares Issued Value 6.3   6.3      
Other Comprehensive Income 114.3          
Balance, shares at Dec. 31, 2023   116,054,291        
Balance at Dec. 31, 2023 (499.7) $ 1.2 1,429.1 (89.6) 616.3 3.8
Other retained earnings 0.1       0.0 0.1
Treasury Stock, Value (2,456.7)          
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest (495.9)          
Net loss (2,139.8)          
Proceeds from Issuance of Common Stock 0.0          
Employee Benefits and Share-Based Compensation 2.0   2.0      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures   1,341,089        
Employee equity awards, value 36.0   36.0      
Net shares settled   539,991        
Payment, Tax Withholding, Share-based Payment Arrangement 17.1   17.1      
Stock Issued During Period, Shares, Employee Stock Purchase Plans   410,732        
Stock Issued During Period, Value, Employee Stock Purchase Plan 7.6          
Supplemental Retirement Plan Shares Issued Value     7.6      
Other Comprehensive Income (10.5)          
Balance, shares at Dec. 31, 2024   117,266,121        
Balance at Dec. 31, 2024 (2,621.5) $ 1.2 $ 1,457.6 $ (100.1) (1,523.5) 5.5
Other retained earnings 1.7       $ 0.0 $ 1.7
Treasury Stock, Value (2,456.7)          
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest $ (2,616.0)          
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Adjustments to reconcile net loss to net cash used in operating activities      
Depreciation and amortization expense $ 305.4 $ 315.6 $ 337.1
Amortization of deferred financing fees 15.4 12.6 11.9
Accretion of customer supply agreement 2.5 2.6 2.2
Employee stock compensation expense 38.1 29.2 36.6
(Gain) loss from derivative instruments (3.6) (0.5) 17.1
(Gain) loss from foreign currency transactions (12.1) 7.5 (18.9)
Gains (Losses) on Extinguishment of Debt 0.0 11.8 2.6
Payment for Debt Extinguishment or Debt Prepayment Cost 0.0 (11.8) (2.6)
Loss on disposition of assets 2.0 6.9 1.1
Deferred taxes 3.7 18.1 8.5
Pension and other post-retirement plans (income) expense (11.5) 55.1 37.1
Increase (Decrease) in Obligation, Pension and Other Postretirement Benefits (1.6) 186.6 19.5
Grant liability amortization (1.2) (1.1) (1.5)
Equity in net (income) loss of affiliates (0.2) 0.3 1.6
Increase (Decrease) in Forward Position 793.0 (194.9) (89.7)
Changes in assets and liabilities      
Accounts receivable, net 198.0 (96.6) (39.4)
Inventory, net (152.4) (295.1) (118.2)
Increase (Decrease) in Contract with Customer, Asset (280.3) (18.0) (63.9)
Accounts payable and accrued liabilities (49.9) 213.8 220.7
Profit sharing/deferred compensation 45.7 (25.0) (22.5)
Advance payments (0.2) 114.1 (133.2)
Income taxes receivable/payable (1.6) (3.4) 9.5
Increase (Decrease) in Contract with Customer, Liability 100.3 (3.0) (30.4)
Other 37.4 4.3 0.1
Net cash used in operating activities (1,120.9) (225.8) (394.6)
Investing activities      
Purchase of property, plant and equipment (152.5) (148.0) (121.6)
Payments to Acquire Businesses, Net of Cash Acquired 0.0 0.0 (31.3)
Payments for (Proceeds from) Other Investing Activities (0.1) (0.2) 2.6
Net cash used in investing activities (152.4) (147.8) (155.5)
Financing activities      
Proceeds from Issuance of Senior Long-term Debt 0.0 1,200.0 900.0
Proceeds from revolving credit facility 1.6 5.4 0.0
Payments on revolving credit facility (1.6) (0.6) 0.0
Principal payments of debt (62.6) (64.1) (47.6)
Repayments of Debt (5.9) (5.9) (6.0)
Early Repayment of Senior Debt 0.0 (1,200.0) (779.2)
Payment, Tax Withholding, Share-based Payment Arrangement (17.1) (6.6) (7.2)
Proceeds from Stock Plans 7.6 6.3 3.9
Debt issuance and financing costs (11.0) (28.5) (32.3)
Proceeds from Other Debt 764.0 180.0 0.0
Payments of Dividends 0.0 0.0 (4.2)
Proceeds from Noncontrolling Interests 0.0 0.0 3.7
Net cash provided by (used in) financing activities 994.5 531.6 (261.0)
Proceeds from Issuance of Secured Debt 360.5 242.7 0.0
Net (decrease) increase in cash, cash equivalents, and restricted cash for the period (279.4) 167.5 (820.0)
Cash, cash equivalents, and restricted cash, end of period 537.0 823.5 658.6
Restricted Cash, Current 0.0 0.1 0.2
Restricted Cash and Investments, Noncurrent 29.5 22.3 19.6
Supplemental information      
Interest paid 329.5 285.3 222.5
Proceeds from Income Tax Refunds (1.6)    
Income taxes paid   (2.8) (15.2)
Property acquired through capital leases 9.6 31.7 49.6
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 566.5 845.9 678.4
Gain (Loss) on Contract Termination (1.5) (1.8) (21.9)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations (0.6) 9.5 (8.9)
Interest paid 329.5 285.3 222.5
Proceeds from Income Tax Refunds 1.6    
Income taxes paid   2.8 15.2
Lease Obligation Incurred 9.6 31.7 49.6
Payments to Acquire Businesses, Net of Cash Acquired 0.0 0.0 31.3
Payments of Dividends 0.0 0.0 4.2
Proceeds from Noncontrolling Interests 0.0 0.0 3.7
Proceeds from (Payments for) Other Financing Activities (1.0) 0.0 0.0
Payment, Tax Withholding, Share-based Payment Arrangement 17.1 6.6 7.2
Proceeds from Stock Plans 7.6 6.3 3.9
Gains (Losses) on Extinguishment of Debt 0.0 (11.8) (2.6)
Payment for Debt Extinguishment or Debt Prepayment Cost 0.0 11.8 2.6
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability 0.0 (2.4) 0.0
Gain on settlement of New Market Tax Credit incentive program (5.7) 0.0 0.0
Increase (Decrease) in Other Operating Assets and Liabilities, Net (37.4) (4.3) (0.1)
Increase (Decrease) in Deferred Liabilities (3.6) 53.6 (14.4)
Proceeds from Issuance of Common Stock 0.0 220.7 0.0
Proceeds from Other Debt 764.0 180.0 0.0
Repayments of Other Debt (40.0) 0.0 0.0
Repayments of Long-term Debt 62.6 64.1 47.6
Repayments of Debt 5.9 5.9 6.0
Repayments of Lines of Credit 1.6 0.6 0.0
Early Repayment of Senior Debt 0.0 1,200.0 779.2
Asset Acquisition, Consideration Transferred, Contingent Consideration 0.0 (6.0) 0.0
Payments of Financing Costs 11.0 28.5 32.3
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations (0.6) 9.5 (8.9)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest (2,139.0) (616.1) (546.2)
Asset Impairment Charges 2.0 0.0 0.0
Settlement of financing instrument $ 0.0 $ 0.0 $ (289.5)
v3.25.0.1
Nature of Business
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Business Nature of Business
Spirit AeroSystems Holdings, Inc. and its consolidated subsidiaries (the “Company”) provides manufacturing and design expertise in a wide range of fuselage, propulsion, and wing products and services for aircraft original equipment manufacturers (“OEM”) and operators through its subsidiaries, including Spirit AeroSystems, Inc. (“Spirit”). As used herein, references to “Company” refer to Spirit AeroSystems Holdings, Inc. and its consolidated subsidiaries. References to “Spirit” refer only to the Company’s subsidiary, Spirit AeroSystems, Inc., and references to “Spirit Holdings” or “Holdings” refer only to Spirit AeroSystems Holdings, Inc.

The Company’s headquarters are in Wichita, Kansas, with manufacturing and assembly facilities in Tulsa, Oklahoma; Prestwick, Scotland; Wichita, Kansas; Kinston, North Carolina; Subang, Malaysia; Saint-Nazaire, France; Biddeford, Maine; Woonsocket, RI; Belfast, Northern Ireland; Morocco, Casablanca; and Dallas, Texas.

The Company largely supports commercial aerostructures customers, and the Company’s financial results and prospects are almost entirely dependent on global commercial aviation demand and the resulting production rates of the Company’s customers. The Company’s customers, including Boeing and Airbus, have in the past decreased production rates across many programs due to decreased demand for aviation, including as a result of the COVID-19 pandemic, and may in the future continue to adjust production rates or suspend production, potentially without early warning and within a short time horizon.
During the periods beginning in 2020, and continuing through the present as the aircraft industry continues to recover, the Company’s operating cash flows from continuing operations have been adversely impacted by, among other things, the B737 MAX grounding, the COVID-19 pandemic, production rate changes for the B737 MAX program and other programs, supply chain disruptions, the impact of global inflationary pressures on costs, increased interest expense, and labor shortages and related cost increases affecting its business. As a result, the Company took steps throughout the period to reduce costs and raise additional debt and customer financing. As of December 31, 2024, the Company had a debt balance of approximately $4,394.2, more than 50% was secured debt, and a cash balance of $537.0. The Company had customer financing liabilities of $904.0 as of December 31, 2024.
v3.25.0.1
Accounting Changes and Error Corrections (Notes)
 12 Months Ended
Dec. 31, 2024
Accounting Changes and Error Corrections [Abstract]  
Accounting Standards Update and Change in Accounting Principle Adoption of Accounting Standards
Adoption of ASU 2023-07
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU No. 2023-07 is effective on a retrospective basis for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024. The adoption of this guidance did not have a significant impact on the Company’s consolidated financial statements, and the Company does not expect this guidance to have a material impact prospectively.
v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
New Accounting Pronouncements, Policy [Policy Text Block] .  New Accounting Pronouncements
In December 2022, the FASB issued ASU No. 2022-06, which defers the sunset date of Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) from December 31, 2022 to December 31, 2024. ASU No. 2022-06 was effective upon issuance. Topic 848 provides temporary optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting, providing optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and
other transactions affected by reference rate reform if certain criteria are met. To date, the Company has not had a modification to which the application of this guidance is applicable. The Company will continue evaluating the potential impact of adopting this guidance on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU No. 2023-09 is effective on a prospective basis (retrospective application is also permitted) for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance.

In March 2024, the FASB issued ASU No. 2024-01 Compensation - Stock Compensation (Topic 718) - Scope Application of Profits Interest and Similar Awards which clarifies how an entity determines whether a profits interest or similar award is within the scope of Topic 718 or if it is not a share-based payment arrangement and therefore within the scope of other guidance. ASU 2024-01 provides an illustrative example with multiple fact patterns and also amends certain language in the “Scope” and “Scope Exceptions” sections of Topic 718 to improve its clarity regarding scope application. Entities can apply the amendments either retrospectively to all prior periods presented in the financial statements or prospectively to profits interest and similar awards granted or modified on or after the date of adoption. ASU 2024-01 is effective January 1, 2025, including interim periods, and is not expected to have a significant impact on our financial statements.

In March 2024, the FASB issued ASU No. 2024-02 Codification Improvements - Amendments to Remove References to the Concepts Statements which amends the Codification to remove references to various concepts statements and impacts a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities. ASU 2024-02 is effective January 1, 2025 and is not expected to have a significant impact on our financial statements.

In November 2024, the FASB issued ASU No. 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures which requires disclosure of disaggregated information about certain income statement expense line items in the notes to the financial statements on an interim and annual basis. ASU 2024-03 will be effective for the annual reporting periods in fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on its consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-04, Debt - Debt with Conversion and Other Options which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. ASU 2024-04 is effective for annual reporting periods beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities that have adopted the amendments in ASU 2020-06. The Company is currently evaluating the impact of this amendment on its consolidated financial statements.
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Use of Estimates

The preparation of the Company’s financial statements in conformity with GAAP requires management to use estimates and assumptions. The results of these estimates form the basis for making judgments that may affect the reported amounts of assets and liabilities, including the impacts of contingent assets and liabilities, and the reported amounts of revenue and expenses during the reporting period.

Management may make significant judgments when assessing estimated amounts of variable consideration and related constraints, the number of options likely to be exercised, and the standalone selling prices of the Company’s products and services. The Company also estimates the cost of satisfying the performance obligations in its contracts and options that may extend over many years. Cost estimates reflect currently available information and the impact of any changes to cost estimates, based upon the facts and circumstances, are recorded in the period in which they become known.

The transaction price for a contract reflects the consideration the Company expects to receive for fully satisfying the performance obligations in the contract. The Company’s contracts with customers are typically for products and services to be provided at fixed stated prices but may also include variable consideration. Variable consideration may include, but is not
limited to, unpriced contract modifications, cost sharing provisions, incentives and awards, non-warranty claims and assertions, provisions for non-conformance and rights to return, or other payments to, or receipts from, customers. The Company estimates the variable consideration using the expected value or the most likely amount based upon the facts and circumstances, available data and trends and the history of resolving variability with specific customers and suppliers.

The Company regularly commences work and incorporates customer-directed changes prior to negotiating pricing terms for engineering work, product modifications, and other statements of work. The Company’s contractual terms typically provide for price negotiations after certain customer-directed changes have been accepted by the Company. Prices are estimated until they are contractually agreed upon with the customer. When a contract is modified, the Company evaluates whether additional distinct products and services have been promised at standalone selling prices, in which case the modification is treated as a separate contract. If not, depending on whether the remaining performance obligations are distinct from the goods or services transferred on or before the modification, the modification is either treated prospectively as if it were a termination of the existing contract and the creation of a new contract, treated as if it were a part of the existing contract, or treated as some combination.

The Company allocates the consideration for a contract to the performance obligations on the basis of their relative standalone selling price. The Company estimates the likelihood of the amount of options that the customer is going to exercise when assessing the impact of loss contracts.

The Company typically provides warranties on all the Company’s products and services. Generally, warranties are not priced separately and customers cannot purchase them independently of the products or services under contract, so they do not create performance obligations. The Company’s warranties generally provide assurance to the Company’s customers that the products or services meet the specifications in the contract. In the event that there is a warranty claim because of a covered design, material or workmanship issue, the Company may be required to redesign or modify the product, offer concessions, and/or pay the customer for repairs or perform the repair. Provisions for estimated expenses related to design, service, and product warranties and certain extraordinary rework are made at the time products are sold. These costs are accrued at the time of the sale and are recorded as cost of sales. These estimates are established using historical information on the nature, frequency, and the cost experience of warranty claims, including the experience of industry peers. In the case of new development products or new customers, the Company also considers factors including the warranty experience of other entities in the same business, management judgment, and the type and nature of the new product or new customer, among others.

Actual results could differ from those estimates and assumptions.

Revenues and Profit Recognition
Substantially all of the Company’s revenues are from long-term supply agreements with Boeing, Airbus, and other aerospace manufacturers. The Company participates in its customers’ programs by providing design, development, manufacturing, fabrication, and support services for major aerostructures in the commercial, defense and space, and aftermarket segments. During the early stages of a program, this frequently involves nonrecurring design and development services, including tooling. As the program matures, the Company provides recurring manufacturing of products in accordance with customer design and schedule requirements. Many contracts include clauses that provide sole supplier status to the Company for the duration of the program’s life (including derivatives). The Company’s long-term supply agreements typically include fixed price volume-based terms and require the satisfaction of performance obligations for the duration of the program’s life.

The identification of an accounting contract with a customer and the related promises require an assessment of each party’s rights and obligations regarding the products or services to be transferred, including an evaluation of termination clauses and presently enforceable rights and obligations. In general, these long-term supply agreements are legally governed by master supply agreements (or general terms agreements) together with special business provisions (or work package agreements), which define specific program requirements. Purchase orders (or authorizations to proceed) are issued under these agreements to reflect presently enforceable rights and obligations for the units of products and services being purchased. The units for accounting purposes (“accounting contract”) are typically determined by the purchase orders. Revenue is recognized when the Company has a contract with presently enforceable rights and obligations, including an enforceable right to payment for work performed. These agreements may lead to continuing sales for more than twenty years. Customers generally contract with the Company for requirements relating to a specific program, and the Company’s performance obligations consist of a wide range of engineering design services and manufactured structural components, as well as spare parts and repairs for OEMs. A single
program may result in multiple contracts for accounting purposes, and within the respective contracts, non-recurring work elements and recurring work elements may result in multiple performance obligations. The Company generally contracts directly with its customers and is the principal in all current contracts.

Management considers a number of factors when determining the existence of an accounting contract and the related performance obligations that include, but are not limited to, the nature and substance of the business exchange, the contractual terms and conditions, the promised products and services, the termination provisions in the contract, including the presently enforceable rights and obligations of the parties to the contract, the nature and execution of the customer’s ordering process and how the Company is authorized to perform work, whether the promised products and services are distinct or capable of being distinct within the context of the contract, as well as how and when products and services are transferred to the customer.

Revenue is recognized when, or as, control of promised products or services transfers to a customer and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those products or services. Revenue is recognized over time as work progresses when the Company is entitled to the reimbursement of costs plus a reasonable profit for work performed for which the Company has no alternate use. For these performance obligations that are satisfied over time, the Company generally recognizes revenue using an input method with revenue amounts being recognized proportionately as costs are incurred relative to the total expected costs to satisfy the performance obligation. The Company believes that costs incurred as a portion of total estimated costs is an appropriate measure of progress towards satisfaction of the performance obligation since this measure reasonably depicts the progress of the work effort. When the Company experiences abnormal production costs such as excess capacity costs the Company will expense the costs in the period incurred separately from the costs incurred for satisfaction of the performance obligations under the Company’s contracts with customers.

Revenue for performance obligations that are not recognized over time are recognized at the point in time when control transfers to the customer. For performance obligations that are satisfied at a point in time, the Company evaluates the point in time when the customer can direct the use of, and obtain the benefits from, the products and services. Shipping and handling costs are not considered performance obligations and are included in cost of sales as incurred.

The transaction price for a contract reflects the consideration the Company expects to receive for fully satisfying the performance obligations in the contract. The Company’s current contracts do not include any significant financing components because the timing of the transfer of the underlying products and services under contract are at the customers’ discretion. Additionally, the Company does not adjust the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the entity transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. The Company’s contracts with customers generally require payment under normal commercial terms after delivery. Payment terms are typically within 30 to 120 days of delivery. The total transaction price is allocated to each of the identified performance obligations using the relative standalone selling price to reflect the amount the Company expects to be entitled for transferring the promised products and services to the customer.

Standalone selling price is the price at which the Company would sell a promised good or service separately to a customer. Standalone selling prices are established at contract inception and subsequent changes in transaction price are allocated on the same basis as at contract inception. Standalone selling prices for the Company’s products and services are generally not observable and the Company uses the “Expected Cost plus a Margin” approach to determine standalone selling price. Expected costs are typically derived from the available periodic forecast information. If a contract modification changes the overall transaction price of an existing contract, the Company allocates the new transaction price on the basis of the relative standalone selling prices of the performance obligations and cumulative adjustments, if any, are recorded in the current period.

The Company also identifies and estimates variable consideration for contractual provisions such as unpriced contract modifications, cost sharing provisions, incentives and awards, non-warranty claims and assertions, provisions for non-conformance and rights to return, or other payments to, or receipts from, customers and suppliers. The timing of satisfaction of performance obligations and actual receipt of payment from a customer may differ and affects the balances of the contract assets and liabilities.

For contracts that are deemed to be loss contracts, the Company establishes forward loss reserves for total estimated costs that are in excess of total estimated consideration in the period in which they become known. These reserves are based on
estimates for accounting contracts, plus options that the Company believes are likely to be exercised. The Company records forward loss reserves for all performance obligations in the aggregate for the accounting contract.

Research and Development

Research and development includes costs incurred for experimentation, design, and testing that are expensed as incurred.

Cash and Cash Equivalents

Cash and cash equivalents represent all highly liquid investments with original maturities of three months or less.

Accounts Receivable

Accounts receivable are recorded at the invoiced amount and do not bear interest. Unbilled receivables are recorded on the balance sheet as contract assets, as per ASC 606 guidance. Management assesses and records an allowance for credit losses on financial assets within the scope of ASU 2016-13 using the current expected credit loss (“CECL”) model. The amount necessary to adjust the allowance for credit losses to management’s current estimate, as of the reporting date, on these assets is recorded in net income as credit loss expense. All credit losses reported in accordance with ASU 2016-13 were on trade receivables and/or contract assets arising from the Company’s contracts with customers. See Note 7, Accounts Receivable, net, for more information.

The Company has three agreements to sell, on a revolving basis, certain trade accounts receivable balances with Boeing, Airbus, and Rolls-Royce to a third-party financial institution. These programs were primarily entered into as a result of customers seeking payment term extensions with the Company and continue to allow the Company to monetize the receivables prior to the payment date, subject to payment of a discount. No guarantees are delivered under the agreements. The Company’s ability to continue using such agreements is primarily dependent upon the strength of Boeing’s and Airbus’s financial condition. Transfers under this agreement are accounted for as sales of receivables resulting in the receivables being derecognized from the Company’s balance sheet. For additional information on the sale of receivables see Note 7, Accounts Receivable, net.

Inventory
Raw materials are stated at lower of cost (principally on an actual or average cost basis) or net realizable value. Production costs for contracts, including costs expected to be recovered on specific anticipated contracts (work that has commenced because the Company expects the customer to exercise options), are classified as work-in-process and include direct material, labor, overhead, and purchases. Typically, anticipated contracts materialize and the related performance obligations are satisfied within 6-12 months. These costs are evaluated for impairment periodically and capitalized costs for which anticipated contracts do not materialize are written off in the period in which it becomes known. Revenue and related cost of sales are recognized as the performance obligations are satisfied. When the Company experiences abnormal production costs, such as excess capacity costs, the Company will expense the costs in the period incurred and these costs are excluded from inventoriable costs. Valuation reserves for excess, obsolete, and slow-moving inventory are estimated by evaluating inventory of individual raw materials and parts against both historical usage rates and forecasted production requirements. See Note 10, Inventory.

Property, Plant and Equipment

Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is applied using a straight-line method over the useful lives of the respective assets as described in the following table:
 Estimated Useful Life
Land improvements20 years
Buildings45 years
Machinery and equipment3-20 years
Tooling — Airplane program — B787, Rolls-Royce5-20 years
Tooling — Airplane program — all others2-10 years
Capitalized software3-7 years

The Company capitalizes certain costs, such as software coding, installation, and testing, that are incurred to purchase or to create and implement internal-use computer software. The Company’s capitalization policy includes specifications that the software must have a service life greater than one year, is legally and substantially owned by the Company, and has an acquisition cost of greater than $0.1. The Company applies the same criteria for capitalizing implementation costs incurred in a cloud computing arrangement hosted by the vendor.

Where the Company is involved in build-to-suit leasing arrangements, the Company is deemed the owner of the asset for accounting purposes during the construction period of the asset. The Company records the related assets and liabilities for construction costs incurred under these build-to-suit leasing arrangements during the construction period. Upon completion of the asset, the Company considers whether the assets and liabilities qualify for derecognition under the sale-leaseback accounting guidance. See Note 11, Property, Plant and Equipment, net.

Impairment or Disposal of Long-Lived Assets

The Company reviews capital and amortizing intangible assets (long-lived assets) for impairment whenever events or changes in circumstances indicate that the recorded amount may not be recoverable. Assets are classified as either held-for-use or available-for-sale. For held-for-use assets, if indicators are present, the Company performs a recoverability test by comparing the sum of the estimated undiscounted future cash flows attributable to the asset group in question to its carrying amount. If the undiscounted cash flows used in the recoverability test are less than the long-lived asset group’s carrying amount, the Company determines the fair value of the long-lived asset group and recognize an impairment loss if the carrying amount of the long-lived asset group exceeds its fair value. For assets available-for-sale, a loss is recognized when the recorded amount exceeds the fair value less cost to sell.

Business Combinations and Goodwill

The Company accounts for business combinations in accordance with ASC Topic 805, Business Combinations. Transaction costs related to business combinations are expensed as incurred. Assets acquired and liabilities assumed are measured and recognized based on their estimated fair values at the acquisition date, any excess of the purchase consideration when compared to the fair value of the net tangible and intangible assets acquired is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires significant judgment, including the amount and timing of expected future cash flows, long-term growth rates and discount rates. In some cases, the Company uses discounted cash flow analyses, which are based on estimates of future sales, earnings and cash flows after considering such factors as general market conditions, customer budgets, existing firm and future orders, changes in working capital, long term business plans and recent operating performance. If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, the business combination is recorded and disclosed on a preliminary basis. Subsequent to the acquisition date, and not later than one year from the acquisition date, adjustments to the initial preliminary recognized amounts are recorded to the extent new information is obtained about the measurement of assets and liabilities that existed as of the date of the acquisition.

The Company assesses goodwill for impairment annually as of the first day of the fourth quarter or more frequently if events or circumstances indicate that the fair value of a reporting unit that includes goodwill may be lower than its carrying value. The Company tests goodwill for impairment by performing a qualitative assessment or quantitative test at the reporting unit level. In performing a qualitative assessment, the Company evaluates company-specific, market and industry, economic, and other relevant factors that may impact the fair value of reporting units or the carrying value of the net assets of the
respective reporting unit. If it is determined that it is more likely than not that the carrying value of the net assets is more than the fair value of the respective reporting unit, then a quantitative test is performed. The Company may in any event opt to bypass the qualitative assessment at the annual assessment date and perform a quantitative assessment. Where the quantitative test is used, the Company compares the carrying value of net assets to the estimated fair value of the respective reporting unit. If the fair value is determined to be less than carrying value, a goodwill impairment loss is recognized for the amount that the carrying amount of the reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit.

Derivative Instruments and Hedging Activity

The Company uses derivative financial instruments to manage the economic impact of fluctuations in currency exchange rates and interest rates. Derivative financial instruments are recognized on the balance sheet as either assets or liabilities and are measured at fair value. Changes in fair value of derivatives are recorded each period in earnings or accumulated other comprehensive income, depending on whether the Company elected hedge accounting and whether a derivative is effective as part of a hedge transaction, and if it is, the type of hedge transaction. Gains and losses on derivative instruments reported in other comprehensive income are subsequently included in earnings in the periods in which earnings are affected by the hedged item or when the hedge is no longer effective. Cash flows associated with the Company’s derivatives are presented as a component of the operating section of the statement of cash flows. The use of derivatives has generally been limited to interest rate swaps and foreign currency forward contracts. The Company enters into foreign currency forward contracts to reduce the risks associated with the changes in foreign exchange rates on sales and cost of sales denominated in currencies other than the entities’ functional currency. See Note 16, Derivative and Hedging Activities.

Fair Value of Financial Instruments

Financial instruments are measured in accordance with FASB authoritative guidance related to fair value measurements. This guidance clarifies the definition of fair value, prescribes methods for measuring fair value, establishes a fair value hierarchy based on the inputs used to measure fair value, and expands disclosures about fair value measurements. See Note 15, Fair Value Measurements.

Income Taxes

Income taxes are accounted for in accordance with FASB authoritative guidance on accounting for income taxes. Deferred income tax assets and liabilities are recognized for the future income tax consequences attributable to differences between the financial statement carrying amounts for existing assets and liabilities and their respective tax bases. Tax rate changes impacting these assets and liabilities are recognized in the period during which the rate change occurs.

Deferred tax assets are periodically evaluated to determine their recoverability and whether or not a valuation allowance is necessary. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. When determining the amount of net deferred tax assets that are more likely than not to be realized, the Company assesses all available positive and negative evidence. The weight given to the positive and negative evidence is commensurate with the extent to which the evidence may be objectively verified.

This assessment is completed on a taxing jurisdiction and entity filing basis. Based on these criteria and the relative weighting of both the positive and negative evidence available, and in particular the activity surrounding the Company’s prior earnings history including the forward losses previously recognized in the U.S. and U.K., management determined that it was necessary to establish a valuation allowance against nearly all of its net U.S. and U.K. deferred tax assets at December 31, 2020. This determination was made as the Company entered into a U.S. cumulative loss position during the first half of 2021, as prior period positive earnings fell outside of the three-year measurement period. Additionally, entities of the U.K. operations are in cumulative loss positions after the inclusion of 2023, 2022, and 2021 losses. Once a company anticipates or enters a cumulative three-year loss position, there is a presumption that a company should no longer rely solely on projected future income in determining whether the deferred tax asset is more likely than not to be realized. Changes in the Company’s estimates and judgments regarding realization of deferred tax assets may result in an increase or decrease to tax expense and/or other comprehensive income, which would be recorded in the period in which the change occurs.
The Company records income tax provision or benefit based on the net income earned or net loss incurred in each tax jurisdiction and the tax rate applicable to that income or loss. In the ordinary course of business, there are transactions for which the ultimate tax outcome is uncertain. These uncertainties are accounted for in accordance with FASB authoritative guidance on accounting for the uncertainty in income taxes. The final tax outcome for these matters may be different than management’s original estimates made in determining the income tax provision. A change to these estimates could impact the effective tax rate and net income or loss in subsequent periods. The Company uses the flow-through accounting method for tax credits. Under this method, tax credits reduce income tax expense. See Note 21, Income Taxes, for further discussion.

Stock-Based Compensation and Other Share-Based Payments

Many of the Company’s employees are participants in the Omnibus Incentive Plan of 2014 (as amended, the “Omnibus Plan”). The expense attributable to the Company’s employees is recognized over the period the amounts are earned and vested, as described in Note 20, Stock Compensation. The expense includes an estimate of expected forfeitures, based on historical forfeiture trends.

Government Assistance

The Company has received grants in the form of government funding for various capital and development initiatives.

For agreements where the government is funding (or partially funding) capital, the associated fixed assets generally remain on the Property, plant and equipment, net line item on the Company’s Consolidated Balance Sheet at full cost, with deferred grant income separately recorded as a liability on the Company’s Consolidated Balance Sheet for the amounts funded. The liability is amortized each period to offset the related costs for which the grant was intended to compensate on a systematic basis (e.g. over the depreciable lives of the capital investments). The amount of deferred grant income within the Deferred grant income liability — non-current line item on the Company’s Consolidated Balance Sheet as of December 31, 2024 related to these types of capital projects was $16.7. The amount of deferred grant income within the Other non-current liabilities line item on the Company’s Consolidated Balance Sheet as of December 31, 2024 related to these types of capital projects was $8.2. The amount of deferred grant income within the Property, plant and equipment, net line item on the Company’s Consolidated Balance Sheet as of December 31, 2024 related to these types of capital projects was $12.2. The amount of deferred grant income amortized as a reduction to the Cost of sales line item on the Consolidated Statements of Operations for the twelve months ended December 31, 2024 was $2.2. These agreements generally have recapture provisions related to the Company achieving a certain level of capital investment on the project.
In instances where the government is funding (or partially funding) business development other than capital projects, recognition is based on the specific terms associated with the various grants, generally resulting in the government funding being recognized as a reduction to related expenses in the period which received, or the government funding being recorded as deferred grant income within the liabilities on the Company’s Consolidated Balance Sheet. The amount of deferred grant income within the Deferred grant income liability — non-current line item on the Company’s Consolidated Balance Sheet as of December 31, 2024 related to these types of business development projects was $8.4. These liabilities are amortized over a period for which performance criteria provisions are included. Performance criteria provisions are generally related to achieving and/or maintaining a specific level of employment for the project. These agreements generally have recapture provisions related to the Company achieving the specified performance provisions on the project. As the performance criteria are met, or in instances where there are no performance criteria or applicable recapture provisions, the government funding is recognized as a reduction to related expenses. The amount of government assistance recognized as a reduction to the Cost of sales line item on the Consolidated Statements of Operations for the twelve months ended December 31, 2024 was $2.5, the amount recognized as a reduction to the Selling, general and administrative line item was $0.5.
Government Assistance
Government Assistance

The Company has received grants in the form of government funding for various capital and development initiatives.

For agreements where the government is funding (or partially funding) capital, the associated fixed assets generally remain on the Property, plant and equipment, net line item on the Company’s Consolidated Balance Sheet at full cost, with deferred grant income separately recorded as a liability on the Company’s Consolidated Balance Sheet for the amounts funded. The liability is amortized each period to offset the related costs for which the grant was intended to compensate on a systematic basis (e.g. over the depreciable lives of the capital investments). The amount of deferred grant income within the Deferred grant income liability — non-current line item on the Company’s Consolidated Balance Sheet as of December 31, 2024 related to these types of capital projects was $16.7. The amount of deferred grant income within the Other non-current liabilities line item on the Company’s Consolidated Balance Sheet as of December 31, 2024 related to these types of capital projects was $8.2. The amount of deferred grant income within the Property, plant and equipment, net line item on the Company’s Consolidated Balance Sheet as of December 31, 2024 related to these types of capital projects was $12.2. The amount of deferred grant income amortized as a reduction to the Cost of sales line item on the Consolidated Statements of Operations for the twelve months ended December 31, 2024 was $2.2. These agreements generally have recapture provisions related to the Company achieving a certain level of capital investment on the project.
In instances where the government is funding (or partially funding) business development other than capital projects, recognition is based on the specific terms associated with the various grants, generally resulting in the government funding being recognized as a reduction to related expenses in the period which received, or the government funding being recorded as deferred grant income within the liabilities on the Company’s Consolidated Balance Sheet. The amount of deferred grant income within the Deferred grant income liability — non-current line item on the Company’s Consolidated Balance Sheet as of December 31, 2024 related to these types of business development projects was $8.4. These liabilities are amortized over a period for which performance criteria provisions are included. Performance criteria provisions are generally related to achieving and/or maintaining a specific level of employment for the project. These agreements generally have recapture provisions related to the Company achieving the specified performance provisions on the project. As the performance criteria are met, or in instances where there are no performance criteria or applicable recapture provisions, the government funding is recognized as a reduction to related expenses. The amount of government assistance recognized as a reduction to the Cost of sales line item on the Consolidated Statements of Operations for the twelve months ended December 31, 2024 was $2.5, the amount recognized as a reduction to the Selling, general and administrative line item was $0.5.
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New Accounting Pronouncements (Notes)
 12 Months Ended
Dec. 31, 2024
New Accounting Pronouncements [Abstract]  
New Accounting Pronouncements, Policy [Policy Text Block] .  New Accounting Pronouncements
In December 2022, the FASB issued ASU No. 2022-06, which defers the sunset date of Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) from December 31, 2022 to December 31, 2024. ASU No. 2022-06 was effective upon issuance. Topic 848 provides temporary optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting, providing optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and
other transactions affected by reference rate reform if certain criteria are met. To date, the Company has not had a modification to which the application of this guidance is applicable. The Company will continue evaluating the potential impact of adopting this guidance on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU No. 2023-09 is effective on a prospective basis (retrospective application is also permitted) for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance.

In March 2024, the FASB issued ASU No. 2024-01 Compensation - Stock Compensation (Topic 718) - Scope Application of Profits Interest and Similar Awards which clarifies how an entity determines whether a profits interest or similar award is within the scope of Topic 718 or if it is not a share-based payment arrangement and therefore within the scope of other guidance. ASU 2024-01 provides an illustrative example with multiple fact patterns and also amends certain language in the “Scope” and “Scope Exceptions” sections of Topic 718 to improve its clarity regarding scope application. Entities can apply the amendments either retrospectively to all prior periods presented in the financial statements or prospectively to profits interest and similar awards granted or modified on or after the date of adoption. ASU 2024-01 is effective January 1, 2025, including interim periods, and is not expected to have a significant impact on our financial statements.

In March 2024, the FASB issued ASU No. 2024-02 Codification Improvements - Amendments to Remove References to the Concepts Statements which amends the Codification to remove references to various concepts statements and impacts a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities. ASU 2024-02 is effective January 1, 2025 and is not expected to have a significant impact on our financial statements.

In November 2024, the FASB issued ASU No. 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures which requires disclosure of disaggregated information about certain income statement expense line items in the notes to the financial statements on an interim and annual basis. ASU 2024-03 will be effective for the annual reporting periods in fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on its consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-04, Debt - Debt with Conversion and Other Options which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. ASU 2024-04 is effective for annual reporting periods beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities that have adopted the amendments in ASU 2020-06. The Company is currently evaluating the impact of this amendment on its consolidated financial statements.
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Accounts Receivable, net
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Accounts Receivable, net Accounts Receivable, net
Accounts receivable represent the Company’s unconditional rights to consideration, subject to the payment terms of the contract, for which only the passage of time is required before payment. Unbilled receivables are reflected under contract assets on the balance sheet. Management assesses and records an allowance for credit losses using a current expected credit loss (“CECL”) model. See Allowance for Credit Losses, below.

Accounts receivable, net consists of the following:

December 31,
2024		December 31,
2023
Trade receivables$371.9 $555.8 
Other33.2 42.0 
Less: allowance for credit losses(9.8)(12.3)
Accounts receivable, net$395.3 $585.5 

The Company has agreements (through its subsidiaries) to sell, on a revolving basis, certain trade accounts receivable balances with Boeing, Airbus Group SE and its affiliates (collectively, “Airbus”), and Rolls-Royce PLC and its affiliates (collectively, “Rolls-Royce”) to third-party financial institutions. These programs were primarily entered into as a result of customers seeking payment term extensions with the Company and they continue to allow the Company to monetize the receivables prior to their payment date, subject to payment of a discount. No guarantees are delivered under the agreements. The Company’s ability to continue using such agreements is primarily dependent upon the strength of the applicable customer’s
financial condition. Transfers under these agreements are accounted for as sales of receivables resulting in the receivables being derecognized from the Company’s balance sheet. For the twelve months ended December 31, 2024, $3,525.2 of accounts receivable have been sold via this arrangement. The proceeds from these sales of receivables are included in cash from operating activities in the Consolidated Statements of Cash Flows. The recorded net loss on sale of receivables is $48.0 for the year ended December 31, 2024 and is included in Other expense, net. See Note 24, Other Expense, net.

Allowance for Credit Losses

Management assesses and records an allowance for credit losses on financial assets within the scope of ASU 2016-13 using the CECL model. The amount necessary to adjust the allowance for credit losses to management’s current estimate, as of the reporting date, on these assets is recorded in net income as credit loss expense. All credit losses reported in accordance with ASU 2016-13 were on trade receivables and/or contract assets arising from the Company’s contracts with customers.

In determining the appropriate methodology to use within the CECL model for receivables and contract assets arising from the Company’s contracts with customers, the Company considered the risk characteristics of the applicable assets. The Company segregated the trade receivables and contract assets into “pools” of assets at the segment level. The Company’s assessment was based on similarity of risk characteristics shared by these pool of assets. Management observed that risks for collectability, with regard to the trade receivables and contract assets resulting from contracts with customers include: macro level economic conditions that impact all of the Company’s customers, macro-level market conditions that could impact the Company’s customers in certain aircraft categories, certain customer specific market conditions, certain customer specific economic conditions, and certain customer specific administrative conditions.

The Company selected a loss-rate method for the CECL model, based on the relationship between historical write-offs of receivables and the underlying sales. Utilizing this model, a loss-rate is applied against the cost of applicable assets, at the time the asset is established. The loss rate reflects the Company’s current estimate of the risk of loss (even when that risk is remote) over the expected life of the assets. The Company’s policy is to deduct write-offs from the allowance for credit losses account in the period in which the financial assets are deemed uncollectible.

The changes to the allowance for credit losses and related credit loss expense reported for the twelve months ended December 31, 2024 were solely based on the results of the CECL model. During the twelve months ended December 31, 2024 there have been no significant changes in the factors that influenced management’s current estimate of expected credit losses, nor changes to the Company’s accounting policies or Current Expected Credit Losses methodology. The beginning balances, current period activity, and ending balances of the allocation for credit losses on accounts receivable and contract assets were not material.
Credit Loss, Financial Instrument
Management assesses and records an allowance for credit losses on financial assets within the scope of ASU 2016-13 using the CECL model. The amount necessary to adjust the allowance for credit losses to management’s current estimate, as of the reporting date, on these assets is recorded in net income as credit loss expense. All credit losses reported in accordance with ASU 2016-13 were on trade receivables and/or contract assets arising from the Company’s contracts with customers.

In determining the appropriate methodology to use within the CECL model for receivables and contract assets arising from the Company’s contracts with customers, the Company considered the risk characteristics of the applicable assets. The Company segregated the trade receivables and contract assets into “pools” of assets at the segment level. The Company’s assessment was based on similarity of risk characteristics shared by these pool of assets. Management observed that risks for collectability, with regard to the trade receivables and contract assets resulting from contracts with customers include: macro level economic conditions that impact all of the Company’s customers, macro-level market conditions that could impact the Company’s customers in certain aircraft categories, certain customer specific market conditions, certain customer specific economic conditions, and certain customer specific administrative conditions.

The Company selected a loss-rate method for the CECL model, based on the relationship between historical write-offs of receivables and the underlying sales. Utilizing this model, a loss-rate is applied against the cost of applicable assets, at the time the asset is established. The loss rate reflects the Company’s current estimate of the risk of loss (even when that risk is remote) over the expected life of the assets. The Company’s policy is to deduct write-offs from the allowance for credit losses account in the period in which the financial assets are deemed uncollectible.

The changes to the allowance for credit losses and related credit loss expense reported for the twelve months ended December 31, 2024 were solely based on the results of the CECL model. During the twelve months ended December 31, 2024 there have been no significant changes in the factors that influenced management’s current estimate of expected credit losses, nor changes to the Company’s accounting policies or Current Expected Credit Losses methodology. The beginning balances, current period activity, and ending balances of the allocation for credit losses on accounts receivable and contract assets were not material.
v3.25.0.1
Contract with customer, asset and liability (Notes)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
contract with customer, asset and liability [Text Block]
Contract assets primarily represent revenues recognized for performance obligations that have been satisfied but for which amounts have not been billed. Contract assets, current are those for which performance obligations have been fully satisfied and billing is expected within 12 months of contract origination and contract assets, long-term are fully satisfied obligations that are expected to be billed in more than 12 months. No impairments to contract assets were recorded for the twelve months ended December 31, 2024 or December 31, 2023. See also Note 7, Accounts Receivable, net.

Contract liabilities are established for cash received that is in excess of revenues recognized and are contingent upon the satisfaction of performance obligations. Contract liabilities primarily consist of cash received on contracts for which revenue has been deferred since the receipts are in excess of transaction price resulting from the allocation of consideration based on relative standalone selling price to future units (including those under option that the Company believes are likely to be exercised) with prices that are lower than standalone selling price. These contract liabilities will be recognized earlier if the options are not fully exercised, or immediately, if the contract is terminated prior to the options being fully exercised.
December 31, 2024December 31, 2023Change
Contract assets$777.9 $522.9 $255.0 
Contract liabilities(447.7)$(353.9)(93.8)
Net contract assets (liabilities)$330.2 $169.0 $161.2 

For the period ended December 31, 2024, the increase in contract assets reflects the net impact of additional revenue recognized in excess of billed revenues during the period as well as the impact of changes by Boeing in March 2024 to introduce a new product verification process in Wichita, KS. This change in business process has delayed delivery acceptances and caused a buildup of undelivered units in Wichita, KS. The increase in contract liabilities reflects the net impact of more deferred revenues recorded in excess of revenue recognized during the period. The increase in the current period was driven by receipts in both the Commercial and Defense & Space segments related to funding for specific program expenditures. The Company recognized $66.8 of revenue that was included in the contract liability balance at the beginning of the period.

December 31, 2023December 31, 2022Change
Contract assets$522.9 $502.2 $20.7 
Contract liabilities$(353.9)$(356.4)2.5 
Net contract assets (liabilities)$169.0 $145.8 $23.2 

For the period ended December 31, 2023, the increase in contract assets reflects the net impact of additional revenue recognized in excess of billed revenues during the period. The decrease in contract liabilities reflects the net decrease of deferred revenues recorded in excess of revenue recognized during the period. The Company recognized $189.4 of revenue that was included in the contract liability balance at the beginning of the period including the reversal of a previously recognized material right obligation related to the 2023 MOA of $154.6. These decreases to the liabilities were primarily offset by increases in contract liabilities from capital and tooling amounts received in 2023.
v3.25.0.1
Revenue Disaggregation and Outstanding Performance Obligations (Notes)
 12 Months Ended
Dec. 31, 2024
Revenue, Performance Obligation [Abstract]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] .  Revenue Disaggregation and Outstanding Performance Obligations
Disaggregation of Revenue

The Company disaggregates revenue based on the method of measuring satisfaction of the performance obligation either over time or at a point in time. Additionally, the Company disaggregates revenue based upon the location where products and services are transferred to the customer, and based upon major customer. The Company’s principal operating segments and related revenue are noted in Note 28, Segment and Geographical Information.

The following table disaggregates revenues by the method of performance obligation satisfaction:

 For the Twelve Months Ended
RevenueDecember 31,
2024		December 31,
2023
Contracts with performance obligations satisfied over time$4,519.8 $4,368.7 
Contracts with performance obligations satisfied at a point in time1,796.8 1,679.2 
Total Revenue$6,316.6 $6,047.9 
The following table disaggregates revenue by major customer:

For the Twelve Months Ended
CustomerDecember 31,
2024		December 31,
2023
Boeing$3,693.1 $3,847.1 
Airbus1,334.9 1,144.6 
Other1,288.6 1,056.2 
Total net revenues$6,316.6 $6,047.9 

The following table disaggregates revenue based upon the location where control of products are transferred to the customer:

For the Twelve Months Ended
LocationDecember 31,
2024		December 31,
2023
United States$4,811.0 $4,667.1 
International 
United Kingdom649.7 582.5 
Other855.9 798.3 
Total International1,505.6 1,380.8 
Total Revenue$6,316.6 $6,047.9 

Remaining Performance Obligations

Unsatisfied, or partially unsatisfied, performance obligations currently under contract that are expected to be recognized to revenue in the future are noted in the table below. The Company expects options to be exercised in addition to the amounts presented below.

2025202620272028 and After
Unsatisfied performance obligations$5,125.9 $5,130.4 $3,638.0 $342.3 
v3.25.0.1
Inventory
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Inventory Inventory
Inventory consists of raw materials used in the production process, work-in-process, which is direct material, direct labor, overhead, and capitalized preproduction costs. Raw materials are stated at lower of cost (principally on an actual or average cost basis) or net realizable value. Capitalized pre-production costs include certain contract costs, including applicable overhead, incurred before a product is manufactured on a recurring basis. These costs are typically amortized over a period that is consistent with the satisfaction of the underlying performance obligations to which these relate. See Note 4, Summary of Significant Accounting Policies - Inventory.
December 31, 2024December 31, 2023
Raw materials$468.7 $414.4 
Work-in-process (1)
1,333.7 1,283.7 
Finished goods71.0 48.4 
Product inventory1,873.4 1,746.5 
Capitalized pre-production18.3 20.8 
Total inventory, net$1,891.7 $1,767.3 

(1)Work-in-process inventory includes direct labor, direct material, and overhead on contracts for which revenue is recognized at a point in time, as well as sub-assembly parts that have not been issued to production on contracts for which revenue is recognized over time using the input method. For the periods ended December 31, 2024 and December 31, 2023, work-in-process inventory includes $491.8 and $262.0, respectively, of costs incurred in anticipation of specific contracts and no impairments were recorded in the period.

Product inventory, summarized in the table above, is shown net of valuation reserves of $161.5 and $150.2 as of December 31, 2024 and December 31, 2023, respectively.
Excess capacity and abnormal production costs are excluded from inventory and recognized as expense in the period incurred. Cost of sales for the twelve months ended December 31, 2024 includes $196.5 of excess capacity production costs related to temporary B737 MAX and A220 production schedule changes and $0.7 of restructuring costs included in the Consolidated Statements of Operations. Cost of sales for the twelve months ended December 31, 2023 includes $184.1 of excess capacity production costs related to temporary B737 MAX, A220, and A320 production schedule changes. Additional expenses that were excluded from inventory and expensed in 2023 were abnormal production costs of $8.3 related to the temporary production pause, and ($2.4) of benefit related to the settlement of a contingent consideration obligation related to the Applied Aerodynamics acquisition, which are both included in Other operating expense, and $7.2 of restructuring costs included in the Consolidated Statements of Operations.
v3.25.0.1
Property, Plant and Equipment, net
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, net
Property, plant and equipment, net consists of the following:
December 31, 2024December 31, 2023
Land$28.8 $30.5 
Buildings (including improvements)1,315.7 1,307.6 
Machinery and equipment2,513.3 2,460.6 
Tooling1,033.3 1,064.8 
Capitalized software341.5 338.4 
Construction-in-progress154.5 119.0 
Total5,387.1 5,320.9 
Less: accumulated depreciation(3,439.2)(3,236.7)
Property, plant and equipment, net$1,947.9 $2,084.2 

Capitalized interest was $7.0, $5.2, and $3.8 for the twelve months ended December 31, 2024, 2023 and 2022, respectively. Repair and maintenance costs are expensed as incurred. The Company recognized repair and maintenance costs of $208.0, $176.9, and $161.9 for the twelve months ended December 31, 2024, 2023, and 2022, respectively.

The Company capitalizes certain costs, such as software coding, installation and testing, that are incurred to purchase or to create and implement internal use computer software. Depreciation expense related to capitalized software was $15.6, $22.7, and $23.4 for the twelve months ended December 31, 2024, 2023, and 2022, respectively.
The Company reviews capital and amortizing intangible assets (long-lived assets) for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. There was $2.0 of asset impairment charges for the twelve months ended December 31, 2024. There was no impairment for the twelve months ended December 31, 2023.
v3.25.0.1
Leases (Notes)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Lessee, Leases [Policy Text Block]
The Company determines if an arrangement is a lease at the inception of a signed agreement. Operating leases are included in Right of use (“ROU”) assets (long-term), Operating lease liabilities, short-term, and Operating lease liabilities, long-term on the Company’s Consolidated Balance Sheet. Finance leases are included in Property, plant and equipment, net, Current portion of long-term debt, and Long-term debt.

ROU assets represent the right of the Company to use an underlying asset for the length of the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term.

To determine the present value of lease payments, the Company uses its estimated incremental borrowing rate or the implicit rate, if readily determinable. The estimated incremental borrowing rate is based on information available at the lease commencement date, including any recent debt issuances and publicly available data for instruments with similar characteristics. The ROU asset also includes any lease payments made and excludes lease incentives.
The Company’s lease terms may include options to extend or terminate the lease and, when it is reasonably certain that an option will be exercised, those options are included in the net present value calculation. Leases with a term of 12 months or less, which are primarily related to automobiles and manufacturing equipment, are not recorded on the balance sheet. The aggregate amount of lease cost for leases with a term of 12 months or less is not material.

The Company has lease agreements that include lease and non-lease components, which are generally accounted for separately. For certain leases (primarily related to IT equipment), the Company does account for the lease and non-lease components as a single lease component. A portfolio approach is applied to effectively account for the assets and liabilities for those specific leases referenced above. The Company does not have any material leases containing variable lease payments or residual value guarantees. The Company also does not have any material subleases.

The Company currently has operating and finance leases for items such as manufacturing facilities, corporate offices, manufacturing equipment, transportation equipment, and vehicles. Majority of the Company’s active leases have remaining lease terms that range between less than one year to 17 years, some of which include options to extend the leases for up to 30 years, and some of which include options to terminate the leases within one year.
Lessee Disclosure [Abstract]  
Lessee, Finance Leases
For the twelve months ended December 31, 2024, total net lease cost was $60.8. This was comprised of $15.0 of operating lease costs, $38.0 amortization of assets related to finance leases, and $7.8 interest on finance lease liabilities. For the twelve months ended December 31, 2023, total net lease cost was $57.0. This was comprised of $14.6 of operating lease costs, $34.2 amortization of assets related to finance leases, and $8.2 interest on finance lease liabilities. For the twelve months ended December 31, 2022, total net lease cost was $54.3. This was comprised of $13.6 of operating lease costs, $33.6 of amortization of assets related to finance leases, and $7.1 interest on finance lease liabilities.
Supplemental cash flow information related to leases was as follows:
For the Twelve Months EndedFor the Twelve Months Ended
December 31, 2024December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$14.8 $14.2 
Operating cash flows from finance leases$7.8 $8.2 
Financing cash flows from finance leases$51.1 $50.3 
ROU assets obtained in exchange for lease obligations:
Operating leases$3.7 $6.1 

Supplemental balance sheet information related to leases:
December 31, 2024December 31, 2023
Finance leases:
Property and equipment, gross$333.3 $336.9 
Accumulated amortization(163.8)(135.8)
Property and equipment, net$169.5 $201.1 

The weighted average remaining lease term as of December 31, 2024 for operating and finance leases was 35.1 years and 4.6 years, respectively. The weighted average discount rate as of December 31, 2024 for operating and finance leases was 5.8% and 6.6%, respectively. See Note 17, Debt, for current and non-current finance lease obligations. The weighted average remaining lease term as of December 31, 2023 for operating and finance leases was 33.2 years and 4.7 years, respectively. The weighted average discount rate as of December 31, 2023 for operating and finance leases was 6.2% and 6.3%, respectively.

As of December 31, 2024, remaining maturities of lease liabilities were as follows:
202520262027202820292030 and thereafterTotal Lease PaymentsLess: Imputed InterestTotal Lease Obligations
Operating Leases$14.3 $12.0 $9.3 $8.3 $7.3 $148.4 $199.6 $(119.8)$79.8 
Financing Leases$44.5 $31.1 $13.8 $7.1 $2.7 $19.8 $119.0 $(16.3)$102.7 
As of December 31, 2024, the Company had additional operating and financing lease commitments that have not yet commenced of approximately $0.7 and $6.8, respectively, for manufacturing equipment and facilities which are in various phases of construction or customization for the Company’s ultimate use, with lease terms between 3 and 5 years. The Company’s involvement in the construction and design process for these assets is generally limited to project management.
Lessee, Operating Leases
For the twelve months ended December 31, 2024, total net lease cost was $60.8. This was comprised of $15.0 of operating lease costs, $38.0 amortization of assets related to finance leases, and $7.8 interest on finance lease liabilities. For the twelve months ended December 31, 2023, total net lease cost was $57.0. This was comprised of $14.6 of operating lease costs, $34.2 amortization of assets related to finance leases, and $8.2 interest on finance lease liabilities. For the twelve months ended December 31, 2022, total net lease cost was $54.3. This was comprised of $13.6 of operating lease costs, $33.6 of amortization of assets related to finance leases, and $7.1 interest on finance lease liabilities.
Supplemental cash flow information related to leases was as follows:
For the Twelve Months EndedFor the Twelve Months Ended
December 31, 2024December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$14.8 $14.2 
Operating cash flows from finance leases$7.8 $8.2 
Financing cash flows from finance leases$51.1 $50.3 
ROU assets obtained in exchange for lease obligations:
Operating leases$3.7 $6.1 

Supplemental balance sheet information related to leases:
December 31, 2024December 31, 2023
Finance leases:
Property and equipment, gross$333.3 $336.9 
Accumulated amortization(163.8)(135.8)
Property and equipment, net$169.5 $201.1 

The weighted average remaining lease term as of December 31, 2024 for operating and finance leases was 35.1 years and 4.6 years, respectively. The weighted average discount rate as of December 31, 2024 for operating and finance leases was 5.8% and 6.6%, respectively. See Note 17, Debt, for current and non-current finance lease obligations. The weighted average remaining lease term as of December 31, 2023 for operating and finance leases was 33.2 years and 4.7 years, respectively. The weighted average discount rate as of December 31, 2023 for operating and finance leases was 6.2% and 6.3%, respectively.

As of December 31, 2024, remaining maturities of lease liabilities were as follows:
202520262027202820292030 and thereafterTotal Lease PaymentsLess: Imputed InterestTotal Lease Obligations
Operating Leases$14.3 $12.0 $9.3 $8.3 $7.3 $148.4 $199.6 $(119.8)$79.8 
Financing Leases$44.5 $31.1 $13.8 $7.1 $2.7 $19.8 $119.0 $(16.3)$102.7 
As of December 31, 2024, the Company had additional operating and financing lease commitments that have not yet commenced of approximately $0.7 and $6.8, respectively, for manufacturing equipment and facilities which are in various phases of construction or customization for the Company’s ultimate use, with lease terms between 3 and 5 years. The Company’s involvement in the construction and design process for these assets is generally limited to project management.
v3.25.0.1
Other Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Other Assets
Other current assets are summarized as follows:

December 31,
2024		December 31,
2023
Prepaid expenses$41.4 $34.8 
Income tax receivable6.6 5.3 
Other assets- short term10.0 12.4 
Total other current assets$58.0 $52.5 

Other assets are summarized as follows:

December 31,
2024		December 31,
2023
Supply agreements (1)
$0.7 $3.5 
Equity in net assets of affiliates0.9 0.8 
Restricted cash - collateral requirements29.5 22.3 
Rotables43.0 44.0 
Bond collateral
11.2 — 
Other19.9 29.3 
Total$105.2 $99.9 

(1)Certain payments accounted for as consideration paid by the Company to a customer are being amortized as reductions to net revenues.
Goodwill Disclosure
Goodwill is summarized as follows:

Changes in Goodwill Balance
Balance atBalance at
SegmentDecember 31,
2023		Acquisitions
Assets Held for Sale
Adjustments/OtherCurrency ExchangeDecember 31,
2024
Commercial$296.6 $— $— $— $(0.1)$296.5 
Defense & Space$13.2 $— $(1.1)
(1)
$— $— $12.1 
Aftermarket$321.4 $— $— $— $— $321.4 
$631.2 $— $(1.1)$— $(0.1)$630.0 

(1)Represents the allocation of Goodwill attributable to the carrying value of Fiber Materials, Inc. (“FMI”). See Note 30 Acquisitions and Dispositions.
The total goodwill value includes no accumulated impairment loss in any of the periods presented.
v3.25.0.1
Advance Payments and Deferred Revenue/Credits
 12 Months Ended
Dec. 31, 2024
Advance Payments And Deferred Revenue Credits [Abstract]  
Advance Payments And Deferred Revenue/Credits
Advances on the B787 Program.  Boeing has made advance payments to Spirit under the B787 Special Business Provisions and General Terms Agreement (collectively, the “B787 Supply Agreement”), that are required to be repaid to Boeing by way of offset against the purchase price for future shipset deliveries. Advance repayments were originally scheduled to be spread evenly over the remainder of the first 1,000 B787 shipsets delivered to Boeing. On April 8, 2014, the Company signed a memorandum of agreement with Boeing that suspended advance repayments related to the B787 program for a period of twelve months beginning April 1, 2014. Repayment recommenced on April 1, 2015, and any repayments that otherwise would have become due during such twelve-month period were to offset the purchase price for shipsets 1001 through 1120. On December 21, 2018, the Company signed the 2018 MOA with Boeing that again suspended the advance repayments beginning with line unit 818. The advance repayments resumed in 2022 at a lower rate of $0.45 per shipset at line number 1135 and will continue through line number 1605.

In the event Boeing does not take delivery of a sufficient number of shipsets to repay the full amount of advances prior to the termination of the B787 program or the B787 Supply Agreement, any advances not then repaid will be applied against any outstanding payments then due by Boeing to us, and any remaining balance will be repaid in annual installments of $27.0 due on December 15th of each year until the advance payments have been fully recovered by Boeing. As of December 31, 2024, the amount of advance payments received by us from Boeing and not yet repaid was approximately $164.3.

In support of tooling and capital expenditures for future production rate increases on the B787 program, the 2023 MOA entered into on October 12, 2023 included an agreement for Boeing to advance Spirit a total of $71.7 in quarterly installments
beginning October 2023 through April 2025. Spirit will align the repayment plan to coincide with deliveries to Boeing beginning April 2025 through October 2027. In the event Boeing does not take delivery of a sufficient number of shipsets to repay the full amount of advance prior to October 31, 2027, the remaining balance up to the $71.7 will be due in the fourth quarter of 2027. As of December 31, 2024, the amount of advance payments received by Spirit from Boeing and not yet repaid was approximately $55.9.

Advances on the A350 Program. During the twelve months ended December 31, 2023, the Company received an advance payment from Airbus of $100.0 under an agreement between Airbus S.A.S. and Spirit AeroSystems (Europe) Limited (“Spirit Europe”) signed on June 23, 2023 (the “A350 Agreement”). The A350 Agreement provides for up to $100.0 of advances that are required to be repaid along with a nominal fee to Airbus by way of offset against the purchase price of A350 FLE shipset deliveries in 2025. To the extent actual deliveries in 2025 are insufficient to offset the advance amount, any amount not offset against deliveries will be due and payable to Airbus per the terms of the Airbus Term Sheet. In connection with the A350 Agreement, Spirit Europe has pledged certain program assets including work in process inventories and raw materials at Spirit’s Scotland facility in an amount sufficient to cover the advances. See also the disclosure under the heading “Airbus Term Sheet” in Note 2 Basis of Presentation.

Other. The Advance payments, long-term line item on the Consolidated Balance Sheet for the period ended December 31, 2024 includes $18.9 related to payments received from an Aftermarket segment customer for contracted work that was impacted by the sanctions imposed by the U.S. and other governments on Russia following its invasion of Ukraine.
v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The FASB’s authoritative guidance on fair value measurements defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance discloses three levels of inputs that may be used to measure fair value:

Level 1Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market.

Level 2Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. Observable inputs, such as current and forward interest rates and foreign exchange rates, are used in determining the fair value of the interest rate swaps and foreign currency hedge contracts.
 
Level 3Unobservable inputs that are supported by little or no market activity and are significant to the fair value of assets and liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

The Company’s long-term debt includes a senior secured term loan and senior notes described further under Note 17 Debt. The estimated fair value of the Company’s debt obligations is based on the quoted market prices for such obligations or the historical default rate for debt with similar credit ratings. The following table presents the carrying amount and estimated fair value of long-term debt. See also Note 16 Derivative and Hedging Activities, and Note 18 Pension and Other Post-Retirement Benefits.  
 December 31, 2024 December 31, 2023 
 Carrying
Amount		Fair
Value		 Carrying
Amount		Fair
Value		 
Senior secured term loan B (including current portion)$570.1 $577.6 
(2)
$571.0 $573.1 
(2)
Delayed-draw bridge loan
347.9 347.9 
(1)
— — 
(1)
Exchangeable senior notes due 2028
223.6 310.4 
(2)
222.2 292.6 
(2)
Senior notes due 2025
20.8 20.5 
(1)
20.8 20.7 
(1)
Senior secured notes due 2026
299.5 292.4 
(1)
299.1 288.0 
(1)
Senior notes due 2028697.3 661.7 
(1)
696.6 616.8 
(1)
Senior secured first lien notes due 2029
889.9 953.1 
(1)
888.4 973.0 
(1)
Senior secured second lien notes due 2030
1,181.9 1,308.9 
(1)
1,180.0 1,273.1 
(1)
Total$4,231.0 $4,472.5  $3,878.1 $4,037.3  

(1)Level 1 Fair Value hierarchy
(2)Level 2 Fair Value hierarchy
v3.25.0.1
Derivative and Hedging Activities
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative and Hedging Activities Derivative and Hedging Activities
Derivatives Accounted for as Hedges

Cash Flow Hedges – Foreign Currency Hedge

The Company has entered into currency forward contracts, each designated as a cash flow hedge upon the date of execution, for the purpose of reducing the variability of cash flows and hedging against the foreign currency exposure for forecasted payroll, pension and vendor disbursements that are expected to be made in the British pound sterling. All outstanding foreign currency forward contracts were settled in August 2024. Since the forecasted transactions remain probable of occurring, the changes in the fair value of cash flow hedges recorded in AOCI will be recognized in earnings in the period in which the forecasted transactions impact earnings.

The following table summarizes the notional amounts (representing the gross contract/notional amount of the derivatives outstanding) and fair values of the derivative instruments in the Consolidated Balance Sheet as of December 31, 2024, and December 31, 2023. The foreign currency exchange contracts are measured within Level 1 of the Fair Value hierarchy. See Note 15, Fair Value Measurements.

Notional amountOther assetsOther liabilities
December 31, 2024December 31, 2023December 31, 2024December 31, 2023December 31, 2024December 31, 2023
Derivatives designated as hedging instruments:
Foreign currency exchange contracts$— $169.1 $— $3.0 $— $— 
Total derivatives at fair value$— $3.0 $— $— 

Changes in the fair value of cash flow hedges are recorded in AOCI and recorded in earnings in the period in which the hedged transaction settles or in the period in which the forecasted transactions impact earnings. The gain (loss) recognized in AOCI associated with the Company’s hedging transactions is presented in the following table:
For the Twelve Months Ended
December 31,
2024		December 31,
2023		December 31,
2022
Recognized in total other comprehensive loss:
Foreign currency exchange contracts$1.5 $5.9 $(19.1)

The following table summarizes the gains/(losses) associated with the Company’s hedging transactions reclassified from AOCI to earnings:

For the Twelve Months Ended
December 31,
2024		December 31,
2023		December 31,
2022
Foreign currency exchange contracts:
Other income (expense)
$3.6 $0.5 $(18.7)

Within the next 12 months, the Company expects to recognize a gain of $0.9 in earnings related to the foreign currency forward contracts. As of December 31, 2024, there were no outstanding foreign currency forward contracts. Generally, the Company has agreements with its counterparties that contain a provision whereby if the Company defaults on its existing credit facilities and payment of the loans extended under such facilities is accelerated, the Company could be declared in default under its agreements, which may result in the early termination of the outstanding derivatives governed by such agreements and the payment of an early termination amount.

Derivatives Not Accounted for as Hedges

During the twelve months ended December 31, 2022, the Company entered into foreign currency forward contracts in the amount of $291.5 to minimize the risk of currency exchange rate movements on the Company’s planned settlement of the repayable investment agreement between the Company and the U.K.’s Department for Business, Energy and Industrial Strategy. During the twelve-month period ended December 31, 2022, these foreign currency forward contracts were settled and new contracts were entered into in the amount of $293.7, which were also settled during the period. The Company did not designate these forward contracts as hedges or apply hedge accounting to the forward contracts. For the twelve months ended December 31, 2022, the Company recorded a net gain of $1.6 to the Other expense, net line item on the Consolidated Statements of Operations related to the foreign currency forward contracts. There were no foreign currency forward contracts, other than those accounted for as cash flow hedges noted above, in existence as of December 31, 2024, December 31, 2023 or December 31, 2022.
v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt
Total debt shown on the balance sheet is comprised of the following:

December 31, 2024December 31, 2023
CurrentNoncurrentCurrentNoncurrent
Senior secured term loan B$5.8 $564.3 $5.8 $565.2 
Delayed-draw bridge loan
347.9 — — — 
Exchangeable senior notes due 2028
— 223.6 — 222.2 
Senior notes due 2025
20.8 — — 20.8 
Senior secured notes due 2026
— 299.5 — 299.1 
Senior notes due 2028— 697.3 — 696.6 
Senior secured first lien notes due 2029— 889.9 — 888.4 
Senior secured second lien notes due 2030
— 1,181.9 — 1,180.0 
Present value of finance lease obligations40.6 62.1 48.3 95.0 
Other9.4 51.1 10.7 51.4 
Total$424.5 $3,969.7 $64.8 $4,018.7 

Credit Agreement

On October 5, 2020, Spirit entered into a term loan credit agreement (the “Credit Agreement”) providing for a $400.0 senior secured term loan B credit facility with the lenders party thereto and Bank of America, N.A.(“BofA”), as administrative agent and collateral agent. On October 5, 2020 Spirit borrowed the full $400.0 of initial term loans available under the Credit Agreement. The Credit Agreement also permits Spirit to request one or more incremental term facilities in an aggregate principal amount not to exceed (x) in the case of any incremental facility that is secured on a pari passu basis with the Credit Agreement, the greater of (a) $950.0 and (b) such other amount, so long as on a pro forma basis after giving effect to the incurrence of such indebtedness and the use of proceeds thereof, the first lien secured net leverage ratio does not exceed 3.25 to 1.00; and (y) in the case of any incremental facility that is secured on a junior basis to the Credit Agreement, the greater of (a) $500.0 and (b) such other amount, so long as on a pro forma basis after giving effect to the incurrence of such indebtedness and the use of proceeds thereof, the secured net leverage ratio does not exceed 5.00 to 1.00. On November 15, 2021, the Company entered into a first refinancing, incremental assumption and amendment agreement (the “November 2021 Amendment”) to the Credit Agreement. The November 2021 Amendment provides for, among other things, (i) the refinancing of the $397.0 aggregate principal amount of term loans outstanding under the Credit Agreement immediately prior to the effectiveness of the November 2021 Amendment with term loans in an equal principal amount with a lower interest rate (the “Repriced Term Loans”) and (ii) an incremental term loan facility of $203.0 in aggregate principal amount with the same terms as the Repriced Term Loans. On November 23, 2022, the Company entered into a second refinancing amendment ("the "November 2022 Amendment") to the Credit Agreement (the Credit Agreement as amended by the November 2021 Amendment, the November 2022 Amendment, and the February 2025 Amendment (as defined below), the “Amended Credit Agreement”). The November 2022 Amendment provides for, among other things, the refinancing of the $594.0 aggregate principal amount of term loans outstanding under the Credit Agreement immediately prior to the effectiveness of the November 2022 Amendment (the “Existing Term Loans”) with term loans in an equal principal amount with a later maturity date (the “New Term Loans”). The proceeds of the New Term Loans were used to refinance the Existing Term Loans. The New Term Loans will mature on January 15, 2027. The New Term Loans bear interest at a rate ranging between Term SOFR plus 4.25% and Term SOFR plus 4.50% (or, at Spirit’s option, between base rate plus 3.25% and base rate plus 3.50%, as applicable) with the margin varying based on Spirit’s first lien secured gross leverage ratio. The obligations under the Amended Credit Agreement are guaranteed by Holdings and Spirit AeroSystems North Carolina, Inc., a wholly-owned subsidiary of the Company (“Spirit NC”, and together with Holdings, the “Guarantors”), and each existing and future, direct and indirect, wholly-owned material domestic subsidiary of Spirit, subject to certain customary exceptions. The obligations are secured by a first-priority lien with respect to substantially all assets of Spirit and the Guarantors, subject to certain exceptions. On February 14, 2025, the Company entered into the Third Amendment to Term Loan Credit Agreement (the “February 2025 Amendment”) with BofA to remove the requirement that the audit opinion with respect to the Company’s annual financial statements for the fiscal year ending December 31, 2024 not be subject to a “going concern” qualification. See Note 32, Subsequent Events.
The Amended Credit Agreement contains usual and customary affirmative and negative covenants for facilities and transactions of this type and that, among other things, restrict the Company and its restricted subsidiaries’ ability to incur additional indebtedness, create liens, consolidate or merge, make acquisitions and other investments, guarantee obligations of third parties, make loans or advances, declare or pay certain dividends or distributions on the Company’s stock, redeem or repurchase shares of the Company’s stock, engage in transactions with affiliates and enter into agreements restricting the Company’s subsidiaries’ ability to pay dividends or dispose of assets. These covenants are subject to a number of qualifications and limitations.

The Amended Credit Agreement provides for customary events of default, including, but not limited to, failure to pay principal and interest, failure to comply with covenants, agreements or conditions, and certain events of bankruptcy or insolvency involving the Company and its material subsidiaries.

As a result of the modification and extinguishment of the Company’s prior credit agreement, the Company recognized a loss on extinguishment of $7.2, recorded to the Interest expense and financing fee amortization line item for the twelve months ended December 31, 2022, on the Company’s Consolidated Statement of Operations, of which $4.6 is reflected within the Amortization of deferred financing fees line item in operating activities and $2.6 is reflected within the Payment of debt extinguishment costs line item under financing activities on the Consolidated Statement of Cash Flows for the twelve months ended December 31, 2022.

As of December 31, 2024, the outstanding balance of the Amended Credit Agreement was $580.6 and the carrying value was $570.1.

As of December 31, 2024, the Company was in compliance with all covenants in the Amended Credit Agreement.

Bridge Credit Agreement

On June 30, 2024, Spirit entered into a Delayed-Draw Bridge Credit Agreement (the “Bridge Credit Agreement”) with Morgan Stanley Senior Funding, Inc. (“MSSF”) as lender, as administrative agent and as collateral agent. The Bridge Credit Agreement provides for a senior secured delayed-draw bridge term loan facility in an aggregate principal amount of $350.0. On February 14, 2025, Spirit entered into the First Amendment to Delayed-Draw Bridge Credit Agreement (the “Bridge Credit Agreement Amendment”) to the Bridge Credit Agreement (the Bridge Credit Agreement, as amended by the Bridge Credit Agreement Amendment, the “Amended Bridge Credit Agreement”) with MSSF to remove the requirement that the audit opinion with respect to the Company’s annual financial statements for the fiscal year ending December 31, 2024 not be subject to a “going concern” qualification. See Note 32, Subsequent Events.

Subject to certain customary conditions, Spirit may borrow funds available under the Amended Bridge Credit Agreement, in up to three separate advances, until the earlier of the termination of the Merger Agreement and the Bridge Maturity Date (as defined below). Proceeds of loans under the Amended Bridge Credit Agreement will be used for general corporate purposes of Spirit and its subsidiaries, other than the repayment or redemption of other indebtedness. Commitments under the Amended Bridge Credit Agreement will be reduced to zero on the earliest of the date that Spirit provides notice that the Merger Agreement is terminated or it publicly announces the same, and the maturity date. The Amended Bridge Credit Agreement will mature, and all obligations thereunder will become due and payable, on the earlier of the date the Merger is consummated and March 31, 2025 (the “Initial Outside Date”), subject to automatic extension for one additional three-month period if the Initial Outside Date is extended in accordance with the terms of the Merger Agreement (such earlier date, the “Bridge Maturity Date”).

The principal amount of loans under the Amended Bridge Credit Agreement will bear interest at a rate per annum equal to the TLB Yield (as defined in the Bridge Credit Agreement) plus a margin of 0.50%. Spirit will pay to MSSF a duration fee equal to 0.125% of the aggregate amount of the loans and commitments under the Amended Bridge Credit Agreement every 60 days after the date of the Amended Bridge Credit Agreement.

The obligations under the Amended Bridge Credit Agreement are guaranteed on a senior secured basis by Holdings, Spirit AeroSystems North Carolina, Inc. (“Spirit NC”), a wholly owned subsidiary of Spirit, and certain future, direct or indirect,
wholly owned material domestic subsidiaries of Holdings (collectively, the “Guarantors”) and are secured by a first-priority lien with respect to substantially all assets of Spirit and the Guarantors, subject to certain exceptions.

The Amended Bridge Credit Agreement requires commitments thereunder to be reduced, and loans to be prepaid, with, (a) 100% of the net cash proceeds of certain non-ordinary course asset sales by Holdings or any of its subsidiaries (other than certain non-ordinary course divestitures contemplated by the Merger Agreement or the Airbus Term Sheet) and (b) 100% of the net cash proceeds of certain issuances, offerings or placements of indebtedness or equity interests by Holdings or any of its subsidiaries, in each case subject to certain exceptions set forth in the Amended Bridge Credit Agreement.

The Amended Bridge Credit Agreement contains customary affirmative and negative covenants that are typical for facilities and transactions of this type and nature and that, among other things, restrict Holdings and its restricted subsidiaries’ ability to incur additional indebtedness, create liens, consolidate or merge, make acquisitions and other investments, guarantee obligations of third parties, make loans or advances, declare or pay certain dividends or distributions on Holdings’ stock, redeem or repurchase shares of Holdings’ stock, engage in transactions with affiliates and enter into agreements restricting Holdings’ subsidiaries’ ability to pay dividends or dispose of assets. These covenants are subject to a number of qualifications and limitations set forth in the Amended Bridge Credit Agreement.

The Amended Bridge Credit Agreement also contains a securities demand provision under which, if Spirit has publicly announced the termination of the Merger Agreement and any loans under the Amended Bridge Credit Agreement remain outstanding on the date that is 10 business days after the date of such public announcement, then, upon MSSF’s request, Holdings and Spirit (as applicable) would be required, after a roadshow and marketing period customary for similar offerings, to issue permanent debt and/or equity securities and/or incur and borrow under credit facilities and/or bank financings, in each case, in an aggregate amount of up to $500.0 to repay all outstanding amounts under the Amended Bridge Credit Agreement and all related fees and expenses.

The Amended Bridge Credit Agreement provides for customary events of default, including, but not limited to, failure to pay principal and interest, failure to comply with covenants, agreements or conditions, and certain events of bankruptcy or insolvency involving Spirit and its material subsidiaries.

On July 18, 2024, August 15, 2024, and September 12, 2024, Spirit borrowed $200.0, $100.0, and $50.0, respectively, under the Amended Bridge Credit Agreement.

As of December 31, 2024, the outstanding balance of the Amended Bridge Credit Agreement was $350.0 and the carrying value was $347.9.

As of December 31, 2024, the Company was in compliance with all covenants in the Amended Bridge Credit Agreement.

Exchangeable Notes

On November 13, 2023, Spirit entered into an Indenture (the “Exchangeable Notes Indenture”), by and among Spirit, the Guarantors, and The Bank of New York Mellon Trust Company, N.A., as trustee, in connection with Spirit’s issuance of $230.0 aggregate principal amount of its 3.250% Exchangeable Senior Notes due 2028 (the “Exchangeable Senior Notes”). The Exchangeable Senior Notes were issued and sold in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The Exchangeable Senior Notes are senior, unsecured obligations of Spirit and are fully and unconditionally guaranteed on a senior, unsecured basis by the Guarantors.

The Exchangeable Senior Notes mature on November 1, 2028, unless earlier exchanged, redeemed or repurchased, and bear interest at a rate of 3.250% per year payable semiannually in cash in arrears on May 1 and November 1 of each year. The first interest payment date was May 1, 2024.

The Exchangeable Senior Notes will be exchangeable at an initial exchange rate of 34.3053 shares of Spirit Holdings’ Class A common stock per $1,000 principal amount of Exchangeable Senior Notes (equivalent to an initial exchange price of approximately $29.15 per share of Class A common stock). At the initial exchange rate, the Senior Notes would be convertible into 7,890,219 shares of Spirit Holdings’ Class A common stock. The initial exchange rate is subject to adjustment, as provided in the Exchangeable Notes Indenture. Upon exchange of the Exchangeable Senior Notes, Spirit will pay and/or deliver cash,
shares of Class A common stock or a combination of cash and shares of Class A common stock, at Spirit’s election, in respect of its exchange obligations for the Exchangeable Senior Notes. Prior to the close of business on the business day immediately preceding August 1, 2028, the Exchangeable Senior Notes will be exchangeable at the option of the noteholders only upon the satisfaction of specified conditions and during certain periods described in the Exchangeable Notes Indenture. On or after August 1, 2028, until the close of business on the business day immediately preceding the maturity date, the Exchangeable Senior Notes will be exchangeable at the option of the noteholders at any time regardless of these conditions or periods.

Prior to November 6, 2026, Spirit may not redeem the Exchangeable Senior Notes. On or after November 6, 2026, Spirit may redeem for cash all or any portion (subject to certain limitations) of the Exchangeable Senior Notes, at its option, if the last reported sale price of Spirit Holdings’ Class A common stock has been at least 130% of the exchange price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which Spirit provides notice of redemption, at a redemption price equal to 100% of the principal amount of the Exchangeable Senior Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No “sinking fund” is provided for the Exchangeable Senior Notes.

Subject to certain conditions and exceptions, holders of the Exchangeable Senior Notes will have the right to require Spirit to repurchase all or a portion of their Exchangeable Senior Notes upon the occurrence of a fundamental change such as stockholder approval of a plan or proposal for the liquidation or dissolution of the Company, or the delisting of Spirit’s stock (see the Exchangeable Notes Indenture for a complete listing of events) at a repurchase price of 100% of their principal amount plus any accrued and unpaid interest. In connection with certain corporate events or if Spirit calls any Exchangeable Senior Notes for redemption, Spirit will, under certain circumstances, be required to increase the exchange rate for noteholders who elect to exchange their Exchangeable Senior Notes in connection with any such corporate event or exchange their Exchangeable Senior Notes called for redemption during the related redemption period.

With the exception of covenants restricting Spirit’s and the Guarantors’ ability to merge, consolidate or sell substantially all of their respective assets, the Indenture does not provide for restrictive covenants.

As of December 31, 2024, the outstanding balance of the Exchangeable Senior Notes was $230.0 and the carrying value was $223.6. Interest expense recognized for the year ended December 31, 2024 was $7.5 including $1.5 of amortization of debt issuance costs. Unamortized debt issue costs at December 31, 2024 related to the Exchangeable Senior Notes were $6.4.

Second Lien 2030 Notes

On November 21, 2023, Spirit entered into an Indenture (the “Second Lien 2030 Notes Indenture”), by and among Spirit, the Guarantors, and The Bank of New York Mellon Trust Company, N.A., as trustee and collateral agent, in connection with Spirit’s offering of $1,200.0 aggregate principal amount of its 9.75% Senior Secured Second Lien Notes due 2030 (the “Second Lien 2030 Notes”). The Second Lien 2030 Notes were issued and sold in a private placement to qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and in offshore transactions to non-U.S. persons pursuant to Regulation S under the Securities Act.

The Second Lien 2030 Notes mature on November 15, 2030 and bear interest at a rate of 9.75% per year payable semiannually in cash in arrears on May 15 and November 15 of each year. The first interest payment date was May 15, 2024. The Second Lien 2030 Notes are guaranteed by the Guarantors, and each existing and future, direct and indirect, wholly-owned material domestic subsidiary of the Company, subject to certain customary exceptions. The Second Lien 2030 Notes are secured by a second-priority lien with respect to substantially all assets of Spirit and the Guarantors, subject to certain exceptions.

The Second Lien 2030 Notes Indenture contains covenants that limit Spirit’s, the Company’s and the Company’s restricted subsidiaries’ ability, subject to certain exceptions and qualifications, to incur indebtedness secured by liens, enter into sale and leaseback transactions, make restricted payments and investments and enter into certain mergers or consolidations and transfer substantially all of the Company and its subsidiaries’ assets. These covenants are subject to a number of qualifications and limitations. In addition, the Second Lien 2030 Notes Indenture provides for customary events of default.
As of December 31, 2024, the outstanding balance of the Second Lien 2030 Notes was $1,200.0 and the carrying value was $1,181.9.

First Lien 2029 Notes

On November 23, 2022, Spirit entered into an Indenture (the “First Lien 2029 Notes Indenture”), by and among Spirit, the Guarantors, and The Bank of New York Mellon Trust Company, N.A., as trustee and collateral agent, in connection with Spirit’s offering of $900.0 aggregate principal amount of its 9.375% Senior Secured First Lien Notes due 2029 (the “First Lien 2029 Notes”). The First Lien 2029 Notes were issued and sold in a private placement to qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and in offshore transactions to non-U.S. persons pursuant to Regulation S under the Securities Act.

The First Lien 2029 Notes mature on November 30, 2029 and bear interest at a rate of 9.375% per year payable semiannually in cash in arrears on May 30 and November 30 of each year. The first interest payment date was May 30, 2023. The First Lien 2029 Notes are guaranteed by the Guarantors, and each existing and future, direct and indirect, wholly-owned material domestic subsidiary of the Company, subject to certain customary exceptions. The First Lien 2029 Notes are secured by a first-priority lien with respect to substantially all assets of Spirit and the Guarantors, subject to certain exceptions.

The First Lien 2029 Notes Indenture contains covenants that limit Spirit’s, the Company’s and the Company’s restricted subsidiaries’ ability, subject to certain exceptions and qualifications, to incur indebtedness secured by liens, enter into sale and leaseback transactions, make restricted payments and investments and enter into certain mergers or consolidations and transfer substantially all of the Company and its subsidiaries’ assets. These covenants are subject to a number of qualifications and limitations. In addition, the First Lien 2029 Notes Indenture provides for customary events of default.

As of December 31, 2024, the outstanding balance of the First Lien 2029 Notes was $900.0 and the carrying value was $889.9.

2025 Notes

On October 5, 2020, Spirit entered into an Indenture (the “First Lien 2025 Notes Indenture”), by and among Spirit, the Guarantors, and The Bank of New York Mellon Trust Company, N.A., as trustee and collateral agent, in connection with Spirit’s offering of $500.0 aggregate principal amount of its 5.500% Senior Secured First Lien Notes due 2025 (the “2025 Notes”).

The 2025 Notes were issued and sold in a private placement to qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and in offshore transactions to non-U.S. persons pursuant to Regulation S under the Securities Act.

The 2025 Notes matured on January 15, 2025 and bore interest at a rate of 5.500% per year payable semiannually in cash in arrears on January 15 and July 15 of each year. The first interest payment date was January 15, 2021.

The 2025 Notes were guaranteed by the Guarantors and were initially secured by a first-priority lien with respect to substantially all assets of Spirit and the Guarantors, subject to certain exceptions.

The 2025 Notes Indenture initially contained covenants that limited Spirit’s, the Company’s and the Company’s restricted subsidiaries’ ability, subject to certain exceptions and qualifications, to incur indebtedness secured by liens, enter into sale and leaseback transactions, make restricted payments and investments and enter into certain mergers or consolidations and transfer substantially all of the Company and its subsidiaries’ assets. These covenants were subject to a number of qualifications and limitations. In addition, the First Lien 2025 Indenture provides for customary events of default.

In the fourth quarter of 2022, Spirit purchased $479.2 in aggregate principal amount of its outstanding 2025 Notes for cash pursuant to a tender offer (the “Tender Offer”). As of December 31, 2024, the outstanding balance of the 2025 Notes was $20.8 and the carrying value was $20.8. In connection with the Tender Offer, Spirit received the requisite consents from holders of the 2025 Notes necessary to approve amendments to the 2025 First Lien Notes Indenture, to, among other things, eliminate certain of the restrictive covenants and events of default contained in the 2025 First Lien Notes Indenture (the “Majority
Amendments”) and terminate the security interest and release the collateral under the 2025 First Lien Notes Indenture (the “Collateral Release Amendments”). Spirit, the Company, Spirit NC and The Bank of New York Mellon Trust Company, N.A. entered into the First Supplemental Indenture, dated as of November 23, 2022, to the 2025 First Lien Notes Indenture, which effects (i) the Majority Amendments and (ii) the Collateral Release Amendments, in each case, as of November 23, 2022. As of December 31, 2023, the 2025 Notes were unsecured and the First Lien 2025 Notes Indenture no longer included covenants that limit Spirit’s, the Company’s and the Company’s subsidiaries’ ability to incur indebtedness secured by liens, enter into sale and leaseback transactions or make restricted payments and investments.

2026 Notes

In June 2016, the Company issued $300.0 in aggregate principal amount of 3.850% Senior Notes due June 15, 2026 (the “2026 Notes”) with interest payable, in cash in arrears, on June 15 and December 15 of each year, beginning December 15, 2016. As of December 31, 2024, the outstanding balance of the 2026 Notes was $300.0 and the carrying value was $299.5. The Company and Spirit NC guarantee Spirit’s obligations under the 2026 Notes on a senior secured basis.

On February 24, 2020, Spirit entered into a Second Supplemental Indenture (the “Second Supplemental Indenture”) by and among Spirit, the Company, Spirit NC, and The Bank of New York Mellon Trust Company, N.A. (the “Trustee”), as trustee in connection with the 2026 Notes. Under the Second Supplemental Indenture, the 2026 Noteholders were granted security on an equal and ratable basis with the lenders under the 2018 Credit Agreement until the security in favor of the lenders under the 2018 Credit Agreement was released on October 5, 2020. The Supplemental Indenture also added Spirit NC as an additional guarantor under the indenture governing the 2026 Notes.

On April 17, 2020, Spirit entered into a Third Supplemental Indenture (the “Third Supplemental Indenture”), by and among Spirit, the Company, Spirit NC and The Bank of New York Mellon Trust Company, N.A., as trustee in connection with the 2026 Notes. Under the Third Supplemental Indenture, the noteholders were granted security on an equal and ratable basis with the holders of the Second Lien 2025 Notes until the security in favor of the holders of the Second Lien 2025 Notes was released on November 21, 2023.

On October 5, 2020, Spirit entered into a Fourth Supplemental Indenture (the “Fourth Supplemental Indenture”), by and among Spirit, the Company, Spirit NC and The Bank of New York Mellon Trust Company, N.A., as trustee in connection with 2026 Notes. Under the Fourth Supplemental Indenture, the holders of the 2026 Notes were granted security on an equal and ratable basis with the holders of the First Lien 2025 Notes (until the security in favor of the lenders under the holders of the First Lien 2025 Notes was released on November 23, 2022) and the secured parties under the Amended Credit Agreement.

On November 23, 2022, Spirit entered into a Fifth Supplemental Indenture (the “Fifth Supplemental Indenture”), by and among Spirit, the Company, Spirit NC and The Bank of New York Mellon Trust Company, N.A., as trustee in connection with the 2026 Notes. Under the Fifth Supplemental Indenture, the holders of the 2026 Notes were granted security on an equal and ratable basis with the holders of the First Lien 2029 Notes.

On November 21, 2023, Spirit entered into a Sixth Supplemental Indenture (the “Sixth Supplemental Indenture”), by and among Spirit, the Company, Spirit NC and The Bank of New York Mellon Trust Company, N.A., as trustee in connection with the 2026 Notes. Under the Sixth Supplemental Indenture, the holders of the 2026 Notes were granted security on an equal and ratable basis with the holders of the Second Lien 2030 Notes.

On June 30, 2024, Spirit entered into a Seventh Supplemental Indenture (the “Seventh Supplemental Indenture”), by and among Spirit, Holdings, Spirit NC and The Bank of New York Mellon Trust Company, N.A., as trustee, in connection with the 2026 Notes. Under the Seventh Supplemental Indenture, the holders of the 2026 Notes were granted security on an equal and ratable basis with the secured parties under the Bridge Credit Agreement.

2028 Notes

On May 30, 2018, Spirit entered into an Indenture (the “2018 Indenture”) by and among Spirit, the Company and The Bank of New York Mellon Trust Company, N.A., as trustee in connection with Spirit’s offering of $300.0 aggregate principal amount of its Senior Floating Rate Notes due 2021 (the “Floating Rate Notes”), $300.0 aggregate principal amount of its 3.950% Senior Notes due 2023 (the “2023 Notes”) and $700.0 aggregate principal amount of its 4.600% Senior Notes due 2028 (the “2028
Notes” and, together with the Floating Rate Notes and the 2023 Notes, the “2018 Notes”). Holdings guaranteed Spirit’s obligations under the 2018 Notes on a senior unsecured basis.

On February 24, 2021, Spirit redeemed the outstanding $300.0 principal amount of the Floating Rate Notes. On November 23, 2022, Spirit redeemed the outstanding $300.0 principal amount of the 2023 Notes. The 2028 Notes bear interest at a rate of 4.600% per annum and mature on June 15, 2028. Interest on the 2028 Notes is payable on June 15 and December 15 of each year, beginning on December 15, 2018. The outstanding balance of the Floating Rate Notes, 2023 Notes, and 2028 Notes was $0.0, $0.0, and $700.0 as of December 31, 2024, respectively. The carrying value of the Floating Rate Notes, 2023 Notes, and 2028 Notes was $0.0, $0.0, and $697.3 as of December 31, 2024, respectively.

The 2018 Indenture contains covenants that limit Spirit’s, the Company’s and certain of the Company’s subsidiaries’ ability, subject to certain exceptions and qualifications, to create liens and enter into sale and leaseback transactions. These covenants are subject to a number of qualifications and limitations. In addition, the 2018 Indenture provides for customary events of default.

As of December 31, 2024, the Company was in compliance with all covenants contained in the indentures governing the Second Lien 2030 Notes, First Lien 2029 Notes, 2025 Notes, Second Lien 2030 Notes, 2026 Notes, and the 2028 Notes.

The following table shows required payments during the next five years on the term loan and notes outstanding at December 31, 2024. See Note 12, Leases for maturities of finance lease obligations.

2025
2026
2027
2028
2029
Required payments
$376.7 $305.9 $568.8 $930.0 $900.0 
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Pension and Other Post-Retirement Benefits
 12 Months Ended
Dec. 31, 2024
Pension and Other Post-Retirement Benefit Plans [Abstract]  
Pension and Other Post Retirement Benefits Plans U.K. Belfast Asset Category
The Plans have asset allocations as of December 31, 2024 and December 31, 2023, as follows:

20242023
Asset Category — U.K. Belfast  
Liability driven investments
56 %53 %
Equity and fixed income securities
41 %39 %
Money market
3 %8 %
Total100 %100 %
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Capital Stock
 12 Months Ended
Dec. 31, 2024
Class of Stock Disclosures [Abstract]  
Capital Stock Capital Stock
Holdings has authorized 210,000,000 shares of stock. Of that, 200,000,000 shares are Common Stock, par value $0.01 per share, one vote per share and 10,000,000 shares are preferred stock, par value $0.01 per share.

In association with the Boeing Acquisition, Spirit executives with balances in Boeing’s Supplemental Executive Retirement Plan (“SERP”) were authorized to purchase a fixed number of units of Holdings “phantom stock” at $3.33 per unit
based on the present value of their SERP balances. Any payment on account of units may be made in cash or shares of Common Stock at the sole discretion of Holdings. The balance of SERP units was 0, 0, and 16,023 as of December 31, 2024, 2023, and 2022, respectively.

Common Stock Offering

On November 8, 2023, the Company entered into an underwriting agreement in connection with the registered public offering of 10,454,545 shares of the Company’s Class A common stock, including the underwriters’ option to purchase 1,363,636 additional shares of Class A common stock, at a price to the public of $22.00 per share of Class A common stock. On November 13, 2023, the Company issued and sold 10,454,545 shares of its Class A common stock pursuant to the Underwriting Agreement, which included the exercise in full of the underwriters’ option to purchase additional shares of Class A common stock. The net proceeds to the Company from the Common Stock Offering, after deducting underwriting discounts and commissions and offering expenses payable by the Company, were approximately $220.7.
Repurchases of Common Stock
    
As of December 31, 2024, there was $925.0 remaining under the Board-authorized share repurchase program. During the twelve months ended December 31, 2024, no shares were repurchased under the Board-authorized share repurchase program. Share repurchases are currently on hold. The Credit Agreement imposes additional restrictions on the Company’s ability to repurchase shares.
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Stock Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock Compensation Stock Compensation
Holdings has established the stockholder-approved 2014 Omnibus Incentive Plan, as amended (the “Omnibus Plan”) to grant cash and equity awards to certain individuals. Compensation values are based on the value of Holdings’ Common Stock on the grant date, which is added to equity and charged to period expense. The Company’s Omnibus Plan was amended in October 2019 to allow for participants to make tax elections with respect to their equity awards.

Holdings has recognized a net total of $36.1, $26.8, and $36.6 of stock compensation expense for the twelve months ended December 31, 2024, 2023, and 2022, respectively.

As part of the separation agreement with the former President and Chief Executive Officer of the Company, the requirement to be employed by the Company through the applicable vesting date was waived for 91,978 previously issued time- based restricted stock units. This modification resulted in a decrease of $1.0 of stock compensation expense due to the decrease in the fair value of the modified awards in the twelve months ended December 31, 2023.

0 and 22,594 shares of Common Stock with aggregate grant date fair value of $0.0 and $0.6 were granted, and vested immediately, to employees in connection with the ratification of new labor contracts during the twelve months ended December 31, 2024 and 2023, respectively.

Short-Term Incentive Plan

The Short-Term Incentive Program under the Omnibus Plan enables eligible employees to receive incentive benefits in the form of cash as determined by the Compensation Committee.

Board of Directors Stock Awards

The Company’s Omnibus Plan provides non-employee directors the opportunity to receive grants of restricted shares of Common Stock, or Restricted Stock Units (“RSUs”) or a combination of both Common Stock and RSUs. The Common Stock grants and RSU grants vest one year from the grant date subject to the director’s compliance with the one-year service
condition; however, the RSU grants are not payable until the director’s separation from service. The Board of Directors is authorized to make discretionary grants of shares or RSUs from time to time. Compensation values are based on the value of Holdings’ Common Stock on the grant date, which is added to equity and charged to period expense.

The Company expensed a net amount of $2.0, $2.0, and $1.6 for the restricted shares of Common Stock and RSUs for the twelve months ended December 31, 2024, 2023, and 2022, respectively. As of December 31, 2024, the Company’s unamortized stock compensation related to these restricted shares of Common Stock and RSUs is $0.7, which will be recognized over a weighted average remaining period of 4 months. The intrinsic value of the unvested restricted shares of Common Stock and RSUs, based on the value of the Company’s stock at December 31, 2024, was $2.1, based on the value of the Company’s Common Stock and the number of unvested shares of restricted Common Stock and RSUs.

The following table summarizes grants of restricted Common Stock and RSUs to members of the Company’s Board of Directors for the twelve months ended December 31, 2024, 2023, and 2022:

 Shares
Value(1)
 Class AClass A
 (Thousands) 
Board of Directors Stock Grants  
Nonvested at December 31, 202136 $1.6 
Granted during period68 2.2 
Vested during period(41)(1.8)
Forfeited during period— — 
Nonvested at December 31, 202263 $2.0 
Granted during period81 2.0 
Vested during period(63)(2.0)
Forfeited during period— — 
Nonvested at December 31, 202381 $2.0 
Granted during period61 2.0 
Vested during period(82)(2.0)
Forfeited during period— — 
Nonvested at December 31, 202460 $2.0 

(1)Value represents grant date fair value.

Long-Term Incentive Awards

Holdings has established the Long-Term Incentive Plan (the “LTIP”) under the Omnibus Plan to grant equity awards to certain employees. Generally, specified employees are entitled to receive a long-term incentive award that, for the 2024 year, consisted of the following:

•50% of the award consisted of time-based, service-condition restricted Common Stock that vests in equal installments over a three-year period (restricted stock units (“RSUs”)). Values for these awards are based on the value of Common Stock on the grant date.

•50% of the award consisted of performance-based, market-condition restricted Common Stock that vests on the three-year anniversary of the grant date contingent upon TSR compared to the Company’s peers (the “TSR Award”). Values for these awards are initially measured on the grant date using estimated payout levels derived from a Monte Carlo valuation model.
For the 2023 year, specified employees were entitled to receive a long-term incentive award that generally consisted of the following:

•50% of the award consisted of time-based, service-condition restricted Common Stock that vests in equal installments over a three-year period (restricted stock units (“RSUs”)). Values for these awards are based on the value of Common Stock on the grant date.

•25% of the award consisted of performance-based, market-condition restricted Common Stock that vests on the three-year anniversary of the grant date contingent upon TSR compared to the Company’s peers (the “TSR Award”). Values for these awards are initially measured on the grant date using estimated payout levels derived from a Monte Carlo valuation model.

•12.5% of the award consisted of performance-based, (performance-condition) restricted Common Stock that vests on the three-year anniversary of the grant date contingent upon the Company’s 2024 - 2025 free cash flow meeting certain pre-established goals. Values for these awards are based on the dividend adjusted value of Common Stock on the grant date.

•12.5% of the award consisted of performance-based, (performance-condition) restricted Common Stock that vests on the three-year anniversary of the grant date contingent upon the Company’s revenue growth over a three-year performance period meeting certain pre-established goals. Values for these awards are based on the dividend adjusted value of Common Stock on the grant date.

For the 2022 year, specified employees were entitled to receive a long-term incentive award that generally consisted of the following:

•50% of the award consisted of time-based, service-condition restricted Common Stock that vests in equal installments over a three-year period (RSUs). Values for these awards are based on the value of Common Stock on the grant date.

•50% of the award consisted of performance-based, market-condition restricted Common Stock that vests on the three-year anniversary of the grant date contingent upon TSR compared to the Company’s peers (the “TSR Award”). Values for these awards are initially measured on the grant date using estimated payout levels derived from a Monte Carlo valuation model.

For the twelve months ended December 31, 2024, 816,238 time or service-based RSUs were granted with aggregate date fair values of $25.2 under the Company’s LTIP. In addition, 388,386 performance-based restricted stock units (“PBRSUs”) were granted with aggregate grant date fair value of $14.9 under the Company’s LTIP.

For the twelve months ended December 31, 2023, 1,229,552 time or service-based RSUs were granted with aggregate date fair values of $29.6 under the Company’s LTIP. In addition, 463,939 performance-based restricted stock units (“PBRSUs”) were granted with aggregate grant date fair value of $20.1 under the Company’s LTIP.

For the twelve months ended December 31, 2022, 553,578 time or service-based RSUs were granted with aggregate date fair values of $24.0 under the Company’s LTIP. In addition, 284,653 PBRSUs were granted with aggregate grant date fair value of $22.0 under the Company’s LTIP.

The Company expensed a net total of $34.1, $24.2, and $32.1 for share of Common Stock issued under the LTIP for the twelve months ended December 31, 2024, 2023, and 2022, respectively.

$0.1, $0.1 and $0.1 of equity awards were settled with cash during the twelve months ended December 31, 2024, 2023, and 2022, respectively.

As of December 31, 2024, the Company’s unamortized stock compensation related to these unvested shares of Common Stock is $29.3, which will be recognized over a weighted average remaining period of 1.7 years. The intrinsic value of the unvested shares of Common Stock issued under the LTIP at December 31, 2024 was $50.9, based on the value of the Company’s Common Stock and the number of unvested shares.
The following table summarizes the activity of the restricted shares under the LTIP for the twelve months ended December 31, 2024, 2023, and 2022:

 Shares
Value(1)
 Common StockCommon Stock
 (Thousands) 
Long-Term Incentive Plan/Long-Term Incentive Award under Omnibus Plan  
Nonvested at December 31, 20211,402 $68.9 
Granted during period839 46.0 
Vested during period(396)(20.6)
Forfeited during period(142)(11.6)
Nonvested at December 31, 20221,703 $82.7 
Granted during period1,694 49.7 
Vested during period(494)(23.8)
Forfeited during period(824)(38.6)
Nonvested at December 31, 20232,079 $70.0 
Granted during period1,204 40.1 
Vested during period(1,319)(47.6)
Forfeited during period(484)(20.7)
Nonvested at December 31, 20241,480 $41.8 

(1)Value represents grant date fair value.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Tax Disclosure Income Taxes
Income Before Income Taxes: The sources of income before income taxes are:

202420232022
U.S. $(1,581.3)$(329.7)$(467.2)
International(560.3)(263.6)(72.2)
Total (before equity earnings)$(2,141.6)$(593.3)$(539.4)
Income taxes are accounted for in accordance with FASB authoritative guidance on accounting for income taxes. Deferred income tax assets and liabilities are recognized for the future income tax consequences attributable to differences between the financial statement carrying amounts for existing assets and liabilities and their respective tax bases. Tax rate changes impacting these assets and liabilities are recognized in the period during which the rate change occurs.

The Company records an income tax expense or benefit based on the income earned or loss incurred in each tax jurisdiction and the tax rate applicable to that income or loss. In the ordinary course of business, there are transactions for which the ultimate tax outcome is uncertain. These uncertainties are accounted for in accordance with FASB authoritative guidance on accounting for the uncertainty in income taxes. The final tax outcome for these matters may be different than management’s original estimates made in determining the income tax provision. A change to these estimates could impact the effective tax rate and net income or loss in subsequent periods. The Company uses the flow-through accounting method for tax credits. Under this method, tax credits reduce income tax expense.

Provision for Income Tax Taxes: The income tax (benefit) expense contains the following components:

202420232022
Current   
Federal$0.1 $1.4 $(4.5)
State(11.0)— (0.7)
Foreign4.2 2.7 1.7 
Total current$(6.7)$4.1 $(3.5)
Deferred 
Federal$2.0 $11.1 $10.2 
State(1.5)3.2 2.5 
Foreign3.8 4.1 (4.0)
Total deferred4.3 18.4 8.7 
Total income tax provision (benefit)$(2.4)$22.5 $5.2 

Reconciliation of Effective Income Tax Rate: The income tax provision from operations differs from the tax provision computed at the U.S. federal statutory income tax rate due to the following:

202420232022
Tax at U.S. Federal statutory rate$(449.7)21.0 %$(124.6)21.0 %$(113.3)21.0 %
State income taxes, net of Federal benefit(51.1)2.4 (6.4)1.1 (9.6)1.8 
State income tax credits, net of Federal benefit(1.4)— (8.6)1.4 (15.6)2.9 
Foreign rate differences(25.5)1.2 (12.1)2.0 (3.5)0.6 
Research and experimentation(4.8)0.2 (4.2)0.7 (5.2)1.0 
Excess tax benefits— — 0.9 (0.2)0.4 (0.1)
Non-deductible expenses10.2 (0.5)17.2 (2.9)4.2 (0.8)
Re-measurement of Deferred Taxes0.8 — (9.0)1.5 (7.1)1.3 
Global Intangible Low-Taxed Income (GILTI) Tax— — — — (1.8)0.3 
Valuation Allowance514.3 (24.0)154.5 (26.0)170.6 (31.6)
Previously unrecognized tax benefit2.1 (0.1)(0.3)0.1 (10.6)2.0 
Other2.7 (0.1)15.1 (2.5)(3.3)0.6 
Total income tax provision (benefit)$(2.4)0.1 %$22.5 (3.8)%$5.2 (1.0)%
The income tax provision (benefit) for the twelve months ended December 31, 2024, was ($2.4) compared to $22.5 for the prior year. The 2024 effective tax rate was 0.1% as compared to (3.8%) for 2023.

The FASB Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income (“GILTI”), states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to provide for the tax expense related to GILTI cost in the year the tax is incurred as a period expense only. The Company has elected to account for GILTI as a period cost in the year the tax is incurred. As of December 31, 2024, there was $0.0 of GILTI tax. As of December 31, 2023, there was $0.0 of GILTI tax. As of December 31, 2022, there was ($1.8) of GILTI tax benefit primarily due to the refundable U.K. research credits being credited against prior years’ GILTI tax expense.

The CARES Act allows net operating losses from 2018, 2019 and 2020 to be carried back to the previous five years, when the federal tax rate was 35%. As of December 31, 2020 the Company reported a net operating loss when it filed its fiscal year 2020 tax return. A preliminary net operating loss carryback claim was filed in March 2021 requesting a refund of $305 which was received in 2021. A second net operating loss carryback claim using the finalized 2020 U.S. Net Operating Loss was filed in December 2021 requesting an additional $11.6 federal refund, which was received in 2022. The Company had $6.6 and $5.3 of income tax receivable as of December 31, 2024 and December 31, 2023, respectively, which is reflected within Other current assets on the Consolidated Balance Sheets as well as $0.8 and $0.0 of income tax payable as of December 31, 2024 and December 31, 2023, respectively, which is reflected within Other current liabilities on the Consolidated Balance Sheets. The Company had $1.5 and $1.5 of non-current income tax payable as of December 31, 2024 and December 31, 2023, respectively, which is reflected within Other non-current liabilities on the Consolidated Balance Sheets.

Additionally, as allowed by the CARES Act, the Company had deferred $33.0 of employer payroll taxes as of December 31, 2020, of which 50% was deposited by December 2021 and the remaining 50% was credited against the outstanding pre-tax employee retention credit refund claim in 2022. The Company filed a claim for a pre-tax employee retention credit of $18.8 for 2020 and $1.0 for 2021. The outstanding pre-tax employee retention credit refund claim as of December 31, 2024 and December 31, 2023 was $0.0 and $3.1, respectively.

Deferred Income Taxes: Significant tax effected temporary differences comprising the net deferred tax asset, prior to valuation allowance, are as follows:

20242023
Depreciation and amortization$(45.4)$(87.7)
Long-term contracts(39.0)125.3 
State income tax credits143.6 154.1 
Net operating loss carryforward1,084.0 489.7 
Accruals and reserves59.3 47.3 
Employee compensation accruals36.3 26.9 
Pension and other employee benefit plans(27.5)(15.9)
Interest expense limitation116.4 89.9 
Post-retirement benefits other than pensions
7.4 8.9 
Other37.3 19.7 
Inventory0.6 0.9 
Interest swap contracts(0.2)(0.7)
Net deferred tax asset before valuation allowance1,372.8 858.4 
Valuation allowance(1,380.5)(867.4)
Net deferred tax asset (liability)
(7.7)(9.0)
Deferred tax detail above is included in the balance sheet and supplemental information as follows:

20242023
Non-current deferred tax assets0.1 0.1 
Non-current deferred tax liabilities(7.8)(9.1)
Net non-current deferred tax asset (liability)$(7.7)$(9.0)
Total deferred tax asset (liability)
$(7.7)$(9.0)

The following is a roll forward of the deferred tax valuation allowance at December 31, 2024, 2023, and 2022:

202420232022
Balance at January 1$867.4 $714.7 $536.8 
Corporate rate remeasurement(0.3)0.5 (0.2)
State income tax credits(10.0)7.8 18.3 
Net operating losses547.1 141.5 155.3 
Depreciation and amortization0.1 0.2 0.2 
Assets held for sale (1)
3.0 — — 
Other(25.7)4.6 (3.0)
Other comprehensive income adjustment(1.1)(1.9)7.3 
Balance at December 31$1,380.5 $867.4 $714.7 

(1)Deferred income taxes for FMI. See Note 30 Acquisitions and Dispositions.

Deferred tax assets are periodically evaluated to determine their recoverability and whether or not a valuation allowance is necessary. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. When determining the amount of net deferred tax assets that are more likely than not to be realized, the Company assesses all available positive and negative evidence. The weight given to the positive and negative evidence is commensurate with the extent the evidence may be objectively verified. As such, it is generally difficult for positive evidence regarding projected future taxable income exclusive of reversing taxable temporary differences to outweigh objective negative evidence of recent financial reporting losses.

Based on these criteria and the relative weighting of both the positive and negative evidence available, and in particular the activity surrounding the Company’s prior earnings history including the forward losses previously recognized in the U.S., Management determined that it was necessary to establish a valuation allowance against nearly all of its net U.S. deferred tax assets at December 31, 2024, 2023, and 2022. This determination was made as the Company entered into a U.S. cumulative loss position during 2021. Once a company enters a cumulative three year loss position, there is a presumption that a company should no longer rely solely on projected future income in determining whether the deferred tax asset is more likely than not to be realized. As of December 31, 2024, the total net U.S. deferred tax asset, prior to valuation allowance, was $876.5. The net U.S. deferred tax liability after recording valuation allowances is $0.1. Valuation allowances recorded against the consolidated net U.S. deferred tax asset in the current year were $368.5 for a total valuation allowance of $876.6 for the U.S.

The Company has determined a valuation allowance on certain U.K. deferred tax assets is needed based upon historic cumulative losses and current year losses generated in the U.K. The Company recorded a portion of the increase in the valuation allowance to income tax expense in continuing operations of $145.9, and a portion to OCI of ($1.1). Valuation allowances recorded against U.K. deferred tax assets in the current year were $144.8 for a total valuation allowance of $504.0 for the U.K.

Included in the deferred tax assets at December 31, 2024 are $125.4 in Kansas High Performance Incentive Program (“HPIP”) Credit, $13.7 in Kansas Research & Development (“R&D”) Credit and $1.5 in Kansas Qualified Vendor (“QV”) Credit, totaling $140.6 in gross Kansas state income tax credit carryforwards, net of federal benefit. The HPIP Credit provides a 10% investment tax credit for qualified business facilities located in Kansas. This credit can be carried forward 16 years. The
Kansas R&D Credit provides a credit for qualified research and development expenditures conducted within Kansas. This credit can be carried forward indefinitely. The QV Credit is equal to 15% of the amount for approved expenditures of goods and services purchased from a qualified vendor, not to exceed $0.5 per qualified vendor per tax year. The QV Credit can be carried forward 4 years.

Also included in the deferred tax assets at December 31, 2024 are $6.1 in Oklahoma Investment Tax Credits. The Oklahoma Investment Tax Credit is designed to encourage manufacturing in Oklahoma. An annual credit can be claimed for up to five years and is based on either investment in new depreciable property or the addition of employees. The credit is calculated as the greater of 1% of the investment in depreciable property or $500.00 per new job created. The credit is doubled to the greater of 2% of the investment or $1,000.00 per new job if the business is located in an Enterprise Zone.

The one-time transition tax and GILTI provisions within the TCJA effectively transitioned the U.S. to a territorial system and eliminated the deferral of U.S. taxation for certain amounts of income which is not taxed at a minimum level. To the extent a dividend is declared, the tax impact of repatriating earnings would not be significant as substantially all of the net prior unrepatriated earnings have been subject to U.S. tax. Additionally, any foreign tax withholding would not be significant.

During 2023, the Company made a one-time distribution from Singapore to the U.S. resulting in no taxable income inclusion and no U.S. income tax recorded to the financial statements. During 2024, the Company entered into a merger agreement with The Boeing Company and a Term Sheet with Airbus SE (the “Airbus Term Sheet”). In the Airbus Term Sheet, select assets have been identified for potential divestiture. Due to this agreement, the Company cannot assert that the remaining earnings of certain foreign operating subsidiaries are indefinitely invested outside the U.S. Analysis has been done on these foreign subsidiaries for the potential deferred taxes to be recorded on these investments. The analysis has resulted in no additional taxes that need to be recorded in the December 31, 2024 financial statements. Additionally, the analysis concluded no deferred taxes are required to be recorded for withholding taxes on the foreign earnings. See also Note 2 Basis of Presentation.

Unrecognized Tax Benefits: The beginning and ending unrecognized tax benefits reconciliation is as follows:

202420232022
Beginning balance at January 1$7.1 $8.1 $18.3 
Gross increases (decreases) related to current period tax positions
0.4 (0.4)0.4 
Gross increases related to prior period tax positions2.3 — — 
Statute of limitations’ expiration
— (0.6)(10.6)
Ending balance at December 31$9.8 $7.1 $8.1 

Included in the December 31, 2024 balance was $9.8 in unrecognized tax benefits of which $8.1 would reduce the Company’s effective tax rate if ultimately recognized.

The Company reports interest and penalties, if any, related to unrecognized tax benefits in the income tax provision. As of December 31, 2024, 2023, and 2022, there was no accrued interest on the unrecognized tax benefit liability included in the balance sheets and income statements during 2024, 2023, and 2022.

The Company files income tax returns in all jurisdictions in which it operates.

The Company’s federal audit is conducted under the Internal Revenue Service Compliance Assurance Process (“CAP”) program. The Company will continue to participate in the CAP program for 2021 through 2024. The CAP program’s objective is to resolve issues in a timely, contemporaneous manner and eliminate the need for a lengthy post-filing examination. The Company has an open tax audit in the Kingdom of Morocco for tax years ending prior to the Company’s ownership of the Moroccan legal entity. There are ongoing audits in other jurisdictions that are not material to the financial statements and the Company believes appropriate provisions for all outstanding tax issues have been made for all jurisdictions and years.

The Company operated under a tax holiday in Malaysia which was effective through September 30, 2024. The tax holiday was conditional upon remaining in good standing with the Malaysia taxing authorities, having at least 20% value-add, and having at least 30% of employees with a diploma/degree in science/technical discipline. The tax impact of this tax holiday was $2.8, $3.4, and $3.0 for the twelve months ended December 31, 2024, 2023, and 2022, respectively.
The Organization for Economic Co-operation and Development has issued Pillar Two model rules introducing a new global minimum tax of 15% intended to be effective on January 1, 2024. While the U.S. has not yet adopted the Pillar Two rules, various other governments around the world are enacting legislation. As currently designed, Pillar Two will ultimately apply to worldwide operations. Considering the Company does not have material operations in jurisdictions with tax rates lower than the Pillar Two minimum, these rules are not expected to materially increase our global tax costs. There remains uncertainty as to the final Pillar Two model rules. The U.S. and global legislative action will be monitored for potential Pillar Two impacts.
v3.25.0.1
Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Equity Equity
Employee Stock Purchase Plan

The Company maintains the Spirit AeroSystems Holdings, Inc. Employee Stock Purchase Plan (the “ESPP”), which became effective on October 1, 2017 and was amended and restated on February 26, 2024. The ESPP is implemented over consecutive six-month offering periods, beginning on April 1 and October 1 of each year and ending on the last day of September and March, respectively. Shares are issued on the last trading day of each six-month offering period. Generally, any person who is employed by the Company, Spirit or by a subsidiary or affiliate of the Company that has been designated by the Compensation Committee may participate in the ESPP. As of December 31, 2024, the number of remaining ESPP shares available for future issuances was 3,361,044.

The maximum number of shares of the Company’s Common Stock that may be purchased under the ESPP is 4,500,000 shares, subject to adjustment for stock dividends, stock splits or combinations of shares of the Company’s stock. The per-share purchase price for the Company’s Common Stock purchased under the ESPP is 85% of the lower of (a) the fair market value of a share on the first day of the applicable offering period or (b) the fair market value of a share on the applicable purchase date.

Following the purchase of shares for the offering period ending September 30, 2024, all ESPP enrollments were suspended. There is no further ESPP enrollment periods for the foreseeable future.

Dividends

On November 3, 2022, the Company announced that the Board had suspended payments of dividends. No dividends were paid in the years ending December 31, 2024 and December 31, 2023, respectively. The Board regularly evaluates the Company’s capital allocation strategy and dividend policy. Any future determination to pay dividends will be at the discretion of the Company’s Board of Directors and will depend upon, among other factors, the Company’s results of operations, financial condition, capital requirements and contractual restrictions, including the requirements of financing agreements to which the Company may be a party. No assurance can be given that cash dividends will be declared and paid at historical levels or at all.

Earnings per Share Calculation

Basic net income per share is computed using the weighted-average number of outstanding shares of Common Stock during the measurement period. Diluted net income per share is computed using the weighted-average number of outstanding shares of Common Stock and, when dilutive, potential outstanding shares of Common Stock during the measurement period.

The following table sets forth the computation of basic and diluted earnings per share:
 For the Twelve Months Ended
 December 31, 2024December 31, 2023December 31, 2022
 LossSharesPer
Share
Amount		LossSharesPer
Share
Amount		LossSharesPer
Share
Amount
Basic EPS        
Loss available to common shareholders$(2,139.8)116.8 $(18.32)$(616.2)106.6 $(5.78)$(545.7)104.6 $(5.21)
Income allocated to participating securities— — — —  — —  
Net loss$(2,139.8)  $(616.2)  $(545.7)  
Diluted potential common shares   

 
Diluted EPS         
Net loss$(2,139.8)116.8 $(18.32)$(616.2)106.6 $(5.78)$(545.7)104.6 $(5.21)

Included in the outstanding common shares were 0.0 million, 0.1 million and 0.4 million of issued but unvested shares at December 31, 2024, 2023 and 2022, respectively, which are excluded from the basic EPS calculation.

Common shares of 8.4 million were excluded from diluted EPS as a result of incurring a net loss for the twelve-month period ended December 31, 2024, as the effect would have been antidilutive. Additionally, diluted EPS for the twelve-month period ended December 31, 2024 excludes 0.2 million shares that may be dilutive common shares in the future, but were not included in the computation of diluted EPS because the effect was either antidilutive or the performance condition was not met.

Common shares of 2.0 million were excluded from diluted EPS as a result of incurring a net loss for the twelve-month period ended December 31, 2023, as the effect would have been antidilutive. Additionally, diluted EPS for the twelve-month period ended December 31, 2023 excluded 0.1 million shares that were not included in the computation of diluted EPS because the effect was either antidilutive or the performance condition was not met.
Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss, net of tax, is summarized by component as follows:

December 31, 2024December 31, 2023
Pension
(17.2)(18.7)
SERP/ Retiree medical6.8 6.8 
Derivatives - foreign currency hedge0.7 2.2 
Foreign currency impact on long term intercompany loan(15.2)(14.6)
Currency translation adjustment(75.2)(65.3)
Total accumulated other comprehensive loss$(100.1)$(89.6)

Amortization or settlement cost recognition of the pension plans’ net gain/(loss) reclassified from accumulated other comprehensive loss and realized into costs of sales and selling, general and administrative on the consolidated statements of operations was $0.6, ($57.3) and ($107.0) for the twelve months ended December 31, 2024, 2023 and 2022, respectively.

Non-controlling Interest

Non-controlling interest at December 31, 2024 was $5.5, representing $1.4 non-controlling interest in the Company’s KIESC subsidiary and a $4.1 non-controlling interest in the Company’s subsidiary Spirit Evergreen Aftermarket Solutions Co., Ltd., a joint venture with Evergreen Technologies Corporation to provide MRO services to the Asia-Pacific market.
Common Stock Offering

On November 8, 2023, the Company entered into an underwriting agreement in connection with the registered public offering of 10,454,545 shares of the Company’s Class A common stock, including the underwriters’ option to purchase 1,363,636 additional shares of Class A common stock, at a price to the public of $22.00 per share of Class A common stock. On November 13, 2023, the Company issued and sold 10,454,545 shares of its Class A common stock pursuant to the Underwriting Agreement, which included the exercise in full of the underwriters’ option to purchase additional shares of Class A common stock. The net proceeds to the Company from the Common Stock Offering, after deducting underwriting discounts and commissions and offering expenses payable by the Company, were approximately $220.7.

Repurchases of Common Stock    

The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity. As of December 31, 2024, no treasury shares have been reissued or retired.

During the twelve-month periods ended December 31, 2024 and December 31, 2023 the Company purchased zero shares of its Common Stock under this share repurchase program. The total authorization amount remaining under the current share repurchase program is approximately $925.0. Share repurchases are currently on hold. The Credit Agreement imposes additional restrictions on the Company’s ability to repurchase shares.
During the twelve months ended December 31, 2024, 539,991 shares were transferred to us from employees in satisfaction of tax withholding obligations associated with the vesting of restricted stock awards and restricted stock units under the Omnibus Plan.
v3.25.0.1
Commitments, Contingencies and Guarantees
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure
Litigation

On May 3, 2023, a private securities class action lawsuit was filed in the U.S. District Court for the Southern District of New York against the Company, its former Chief Executive Officer, Tom Gentile III, and its Senior Vice President and Chief Financial Officer, Mark J. Suchinski. An Amended Complaint was filed on December 19, 2023, and a Second Amended Complaint was filed, with leave of the Court, on March 12, 2024. The lawsuit was brought on behalf of certain purchasers of securities of the Company, who allege purported misstatements and omissions concerning alleged faulty production controls and alleged quality and safety issues (the “Securities Class Action”). The specific claims in the Securities Class Action include (i) violations of Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder against all defendants, and (ii) violations of Section 20(a) of the Exchange Act against the individual defendants. The plaintiffs seek monetary damages. On May 13, 2024, the Company filed a motion to dismiss. On January 22, 2025, following mediation and while the motion to dismiss remained pending, the parties to this lawsuit, including the Company, entered into a binding term sheet to settle all claims asserted in the lawsuit against all defendants. The Company expects the majority of the settlement payment to be substantially covered by its insurance arrangements. The binding term sheet will be superseded by a more detailed Settlement Agreement and exhibits, which the parties are presently negotiating. The settlement remains subject to judicial approval, which will be sought jointly by the parties once the Settlement Agreement and exhibits have been finalized and executed.

Spirit is also involved in litigation in the 10th Circuit Court of Appeals (the “Appellate Court”) with its former Chief Executive Officer, Larry Lawson over Lawson’s disputed violation of a restrictive covenant in his retirement and consulting agreement. On October 19, 2021, the U.S. District Court for the District of Kansas (the “District Court”) ruled in favor of Lawson and awarded him $44.8 for benefits withheld in connection with the disputed violation, as well as post-judgment interest at the rate of 4.25%.

Spirit appealed the judgment to the Appellate Court. On February 27, 2023, the Appellate Court issued an opinion reversing the District Court decision and concluding that Lawson had violated the terms of the restrictive covenant and remanded for the District Court to address whether the restrictive covenant that Lawson violated was enforceable under Kansas law. On June 15, 2023, the District Court held that the restrictive covenant was enforceable as a matter of Kansas law. The District Court entered judgment in favor of Spirit on June 27, 2023. Lawson appealed the District Court’s latest decision, and
this matter was argued before the Appellate Court on March 19, 2024. Spirit will continue to defend its position vigorously on appeal. A liability for the full amount of the award issued on October 19, 2021, plus accrued interest through March 28, 2023, was recognized and remains accrued in the Consolidated Balance Sheets as of December 31, 2023 and December 31, 2024.

From time to time, in the ordinary course of business, the Company receives certain requests for information from government agencies (including the Department of Justice, the SEC and the FAA, among others) in connection with their regulatory or investigational authority. The Company has received information and document requests related to the January 5, 2024 Alaska Airlines incident, the B737 MAX 9 door plug, and safety and quality processes in the B737 MAX line production. These include requests to assist the government in investigations or audits, including by the FAA, as a party representative to a National Transportation Safety Board investigation, grand jury subpoenas from the Department of Justice, and subpoenas or examination requests from the SEC and the Attorney General of the State of Texas. The Company has also received subpoenas for records and other documents relating to the production, acquisition and use of titanium and other materials or parts, where certain records and certifications provided to the Company by third parties were or have been alleged to be counterfeit. The Company reviews such requests and notices and takes appropriate action. Additionally, the Company is subject to federal and state requirements for protection of the environment, including those for disposal of hazardous waste and remediation of contaminated sites. As a result, the Company is required to participate in certain government investigations regarding environmental remediation actions. The Company is currently unable to reasonably estimate any impact arising from these incidents, including any impacts from these requests and investigations.

In addition to the items addressed above, from time to time, the Company is subject to, and is presently involved in, litigation, legal proceedings, or other claims arising in the ordinary course of business. While the final outcome of the matters cannot be predicted with certainty, considering, among other things, the meritorious legal defenses available, the Company believes that, on a basis of information presently available, none of these items, when finally resolved, will have a material adverse effect on the Company’s long-term financial position or liquidity.

Customer and Vendor Claims

The Company receives, and is currently subject to, customer and vendor claims arising in the ordinary course of business, including, but not limited to, those related to product quality and late delivery. The Company accrues for matters when losses are deemed probable and reasonably estimable. In evaluating matters for accrual and disclosure purposes, the Company takes into consideration multiple factors including without limitation its historical experience with matters of a similar nature, the specific facts and circumstances asserted, the likelihood of an unfavorable outcome, and the severity of any potential loss. Any accruals deemed necessary are reevaluated at least quarterly and updated as matters progress over time.

The Company has evaluated and refined management’s original estimate of costs related to rework on the B787 aircraft, including a preliminary assessment related to rework on the forward section of the fuselage, for which the Company identified an additional fit and finish issue in the prior year. The Company continues to coordinate with Boeing to complete the necessary rework.

On October 12, 2023, the Company entered into a Memorandum of Agreement (the “2023 MOA”) with Boeing. Among other things, the 2023 MOA includes a broad release of liability and claims through October 12, 2023, by both parties relating to Boeing’s Commercial Airplanes division and its airplane programs under the General Terms Agreement for the B787 program and the General Terms Agreement for the B737, B747, B767, and B777 programs.

Commitments

The Company’s future aggregate capital commitments totaled $196.4 and $129.8 at December 31, 2024 and December 31, 2023, respectively.

Contingencies

On October 12, 2023, the Company entered into the 2023 MOA with Boeing. Among other things, the 2023 MOA establishes certain recurring shipset price increases for the B787, and as a result the Company reversed certain liabilities, including $205.6 of forward losses and $154.6 of material right obligation related to the B787 program in the fourth quarter of 2023.
During the year ended December 31, 2024, the Company updated its estimated cost to satisfy customer firm orders on the A350 and A220 programs. Based on these estimates, and management’s evaluation of key macroeconomic assumptions including the probability that these performance obligations would be exercised, management determined that it is probable each of these programs' performance obligations will extend beyond the period of time for which the Company has recorded forward losses. The key changes are based upon two primary factors, the change in strategic pricing conversations with our customer, Airbus, and incremental firm orders Airbus secured on the A350 and A220 programs. As a result, Company recorded incremental forward losses during 2024 of $688.0 on the A350 and A220 programs for production of expected firm orders through September 2029. Additional losses beyond what has been reserved could occur if there are unexpected changes to current assumptions in macroeconomic factors relevant to the Company's cost to complete all firm orders. As a result, while the Company does not believe incremental losses beyond those currently recorded are evident, it is reasonably possible one or more of these programs could be performed at a loss incremental to forward losses previously recorded for production outside of the timeframe or for orders that may be placed in addition to those assessed as of December 31, 2024 highlighted above. The Company continues to evaluate all options to reduce or eliminate recorded forward losses prospectively, including, but not limited to, continued active negotiations with its A220 and A350 customer, regarding, among other things, elements of price.

Guarantees

Contingent liabilities in the form of letters of guarantee have been provided by the Company. Outstanding guarantees were $24.9 and $23.1 at December 31, 2024 and December 31, 2023, respectively.

Restricted Cash - Collateral Requirements

The Company was required to maintain $29.5 and $22.3 of restricted cash as of December 31, 2024 and December 31, 2023, respectively, related to certain collateral requirements for obligations under its workers’ compensation programs. Restricted cash is included in Other assets in the Company’s Consolidated Balance Sheet.

Indemnification

The Company has entered into customary indemnification agreements with its directors, and its bylaws and certain executive employment agreements include indemnification and advancement provisions. Under the bylaws and any applicable agreement, the Company agrees to indemnify individuals against claims arising out of events or occurrences related to that individual’s service as the Company’s agent or the agent of any of its subsidiaries to the fullest extent legally permitted.

The Company has agreed to indemnify parties for specified liabilities incurred, or that may be incurred, in connection with transactions they have entered into with the Company. The Company is unable to assess the potential number of future claims that may be asserted under these indemnities, nor the amounts thereof (if any). As a result, the Company cannot estimate the maximum potential amount of future payments under these indemnities and therefore, no liability has been recorded.
Service and Product Warranties and Extraordinary Rework
Provisions for estimated expenses related to service and product warranties and certain extraordinary rework are evaluated on a quarterly basis. These costs are accrued and are recorded to unallocated cost of goods sold. These estimates are established using historical information on the nature, frequency, and average cost of warranty claims, including the experience of industry peers. In the case of new development products or new customers, the Company considers other factors including the experience of other entities in the same business and management judgment, among others. Service warranty and extraordinary work is reported in current liabilities and other liabilities on the Company’s Consolidated Balance Sheets.

The warranty balance presented in the table below includes unresolved warranty claims that are in dispute in regard to their value as well as their contractual liability. The Company estimated the total costs related to some of these claims; however, there is significant uncertainty surrounding the disposition of these disputed claims and as such, the ultimate determination of the provision’s adequacy requires significant management judgment. The amount of the specific provisions recorded against disputed warranty claims was $2.3 as of December 31, 2024 and December 31, 2023. These specific provisions represent the Company’s best estimate of probable warranty claims. Should the Company incur higher than expected warranty costs and/or discover new or additional information related to these warranty provisions, the Company may incur additional charges that exceed these recorded provisions. The Company utilized available information to make appropriate assessments, however the
Company recognizes that data on actual claims experience is of limited duration and therefore, claims projections are subject to significant judgment. The amount of the reasonably possible disputed warranty claims in excess of the specific warranty provision was $3.4 as of December 31, 2024 and December 31, 2023.

The following is a roll forward of the service warranty and extraordinary rework balance at December 31, 2024, 2023 and 2022:
202420232022
Balance, January 1$82.7 $74.9 $71.3 
Charges to costs and expenses6.8 10.2 6.7 
Payouts(2.7)(2.7)(2.7)
Exchange rate(0.1)0.3 (0.4)
Balance, December 31$86.7 $82.7 $74.9 

Bonds

Since its incorporation, Spirit has periodically utilized City of Wichita issued Industrial Revenue Bonds (“IRBs”) to finance self-constructed and purchased real property at its Wichita site. Tax benefits associated with IRBs include provisions for a ten-year complete property tax abatement and a Kansas Department of Revenue sales tax exemption on all IRB funded purchases. Spirit purchased these IRBs so they are bondholders and debtor / lessee for the property purchased with the IRB proceeds.

Spirit recorded the property net of a finance lease obligation to repay the IRB proceeds on its balance sheet. Gross assets and liabilities associated with these IRBs were $284.7 and $333.7 as of December 31, 2024 and December 31, 2023, respectively.
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Other Income (Expense), Net
 12 Months Ended
Dec. 31, 2024
Other Nonoperating Income (Expense) [Abstract]  
Other Income (Expense), Net Other Expense, net
Other expense, net is summarized as follows:

 For the Twelve Months Ended
 December 31, 2024December 31, 2023December 31, 2022
Kansas Development Finance Authority bond$3.8 $2.9 $2.4 
Pension (loss) income (1)
15.3 (52.0)(30.2)
Interest income9.5 12.9 6.2 
Gain (loss) on foreign currency forward contract and interest rate swaps
3.6 0.5 (17.1)
Loss on sale of accounts receivable(48.0)(52.4)(23.4)
Foreign currency gains (losses) (2)
9.6 (13.9)21.6 
Excise tax on pension assets reversion (3)
(0.3)(37.7)(6.8)
Gain on settlement of financial instrument (4)
— — 20.7 
Other (5)
4.5 (0.7)12.5 
Total Other Expense, net
$(2.0)$(140.4)$(14.1)

(1)Pension expense for the twelve months ended December 31, 2023 includes $59.6 of settlement loss. Pension expense for the twelve months ended December 31, 2022 includes a $73.5 non-cash, pre-tax non-operating charge for amortization of prior service costs and $33.3 of settlement loss. See also Note 18 Pension and Other Post-Retirement Benefits.
(2)Foreign currency losses are due to the impact of movement in foreign currency exchange rates on an intercompany revolver and long-term contractual rights/obligations, as well as trade and intercompany receivables/payables that are denominated in a currency other than the entity’s functional currency.
(3)Excise tax related to the reversion of excess plan assets for the twelve months ended December 31, 2024, 2023, and 2022. See Note 18 Pension and Other Post-Retirement Benefits.
(4)The twelve-month period ended December 31, 2022 includes a $20.7 gain related to a deed of release and related cash payment that fully settled the existing repayable investment agreement between the Company and the U.K.’s Department for Business, Energy and Industrial Strategy (“BEIS”). In January 2022, the Company made repayments of $25.6 to the UK’s Department for Business Energy and Industrial Strategy for units sold, including interest, in respect to the agreement. In April 2022, the deed of release settled the remaining outstanding repayment obligation, including current year interest accrual and foreign currency measurement impacts, in exchange for a payment of $292.8. The portion of the payments related to interest expense and the portion of the payments related to principal repayment are included in net cash used in operating activities and net cash used in financing activities, respectively, on the Company’s Consolidated Statement of Cash Flows for the period ended December 31, 2022.
(5)During the first quarter of 2017, the Company entered into a financing transaction with Chase Community Equity, LLC (“Chase”) related to the purchase and installation of certain equipment at the Company’s facility in Wichita, Kansas. Chase made a capital contribution and the Company made a loan to Chase NMTC Spirit Investment Fund, LLC (“Investment Fund”) under a qualified New Markets Tax Credit program. The twelve-month period ended December 31, 2024 includes a $5.7 gain related to the Company’s repurchase of Chase’s interest in the Investment Fund. Chase’s interest in the Investment Fund was included in Other current liabilities on the Company’s Consolidated Balance Sheet as of December 31, 2023. The twelve-month period ended December 31, 2022 includes a gain of $10.0 related to the termination of a previously existing joint venture agreement within the period.
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Significant Concentration of Risk
 12 Months Ended
Dec. 31, 2024
Risks and Uncertainties [Abstract]  
Significant Concentration Risk Significant Concentrations of Risk
Economic Dependence

The Company’s largest customer, Boeing, accounted for approximately 58%, 64%, and 60% of the revenues for the twelve months ended December 31, 2024, 2023, and 2022, respectively. Approximately 30% and 23% of the Company’s accounts receivable balance at December 31, 2024, and 2023, respectively, was attributable to Boeing.

The Company’s second largest customer, Airbus, accounted for approximately 21%, 19%, and 22% of the revenues for the twelve months ended December 31, 2024, 2023, and 2022, respectively. Approximately 28% and 33% of the Company’s accounts receivable balance at December 31, 2024, and 2023, respectively, was attributable to Airbus.

Employees

At December 31, 2024, the Company had approximately 20,370 employees: approximately 14,190 located in its six U.S. facilities, approximately 3,550 located in its Belfast facilities, approximately 1,240 located at its Prestwick facility, approximately 1,000 located in its Malaysia facility, approximately 240 located in its Morocco facility, and approximately 150 located in its France facility. Of the employees located in the Company’s six U.S. facilities, approximately 11,980 were located in Wichita, Kansas; approximately 1,090 were located in Tulsa Oklahoma; approximately 660 were located in Kinston, North Carolina; approximately 320 were located in Biddeford, Maine; approximately 100 were located in Dallas, Texas; and approximately 40 were located in Woonsocket, Rhode Island.

Approximately 84% of the Company’s U.S. employees are represented by unions. Approximately 59% of U.S. employees are represented by the International Association of Machinists and Aerospace Workers (IAM) collective bargaining agreement. There are two IAM collective bargaining agreements that will expire in June 2027 and November 2027, respectively. Approximately 18% of the Company’s U.S. employees are represented by the Society of Professional Engineering Employees in Aerospace (SPEEA) collective bargaining agreement. There are two SPEEA agreements that will expire in January 2026 and December 2028, respectively. Approximately 6% of the Company’s U.S. employees are represented by the International Union, Automobile, Aerospace and Agricultural Implement Workers of America (UAW) collective bargaining agreement that will expire in December 2025. Approximately 1% of the Company’s U.S. employees are represented by an International Brotherhood of Electrical Workers (IBEW) collective bargaining agreement that will expire in September 2027.

Approximately 93% of the Company’s Prestwick employees are part of the collective bargaining group represented by one union, Unite (Amicus Section). In 2013, the Company negotiated two separate ten-year pay agreements with the Manual Staff bargaining and the Monthly Staff bargaining groups of the Unite union. These agreements cover basic pay and variable at risk pay, while other employee terms and conditions generally remain the same from year to year until both parties agree to change them. In the first quarter of 2021, the Company negotiated and agreed with Unite, a three-year extension to the pay agreements which are effective from January 2023 to December 2025. The elements of the contract extension remain the same as those in the ten-year agreements.

In the U.K. (Belfast), approximately 86% of the employees are part of the collective group represented by the Trade Unions. Unite the Union is the largest representing approximately 95% of unionized employees, with General, Municipal, Boilermakers making up the balance. The current agreement covers the period from January 2024 to December 2025.
In France, the Company’s employees are represented by CFTC (“Confédération Française des Travailleurs Chrétiens” or “French Confederation of Christian Workers”) and FO (“Force Ouvrière” or “Labor Force”). The Company negotiates yearly on compensation and once every four years on issues related to gender equality and work-life balance. The next election to determine union representation will occur in July 2027.

In Morocco, approximately 62% of the Company’s employees are represented by Union Marocain du Travail (“UMT”). The Company negotiated a three year agreement with UMT that expires in December 2025.
None of the Company’s Malaysia employees are currently represented by a union.
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Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment and Geographical Information
The Company operates in three principal segments: Commercial, Defense & Space and Aftermarket. Approximately 80% of the Company’s net revenues for the twelve months ended December 31, 2024 came from the Company’s two largest customers, Boeing and Airbus. Boeing represents a substantial portion of the Company’s revenues across segments. Airbus also represents a substantial portion of revenues in the Commercial segment. The Company’s primary profitability measure to review a segment’s operating performance is segment operating income before corporate selling, general and administrative expenses, research and development and unallocated cost of sales.
Corporate selling, general and administrative expenses include centralized functions such as accounting, treasury and human resources that are not specifically related to the Company’s operating segments and are not allocated in measuring the operating segments’ profitability and performance and net profit margins. Research and development includes research and development efforts that benefit the Company as a whole and are not unique to a specific segment. All of these items are not specifically related to the Company’s operating segments and are not utilized in measuring the operating segments’ profitability and performance.

The Company’s Commercial segment includes design and manufacturing of forward, mid and rear fuselage sections and systems, struts/pylons, nacelles (including thrust reversers) and related engine structural components, wings and wing components (including flight control surfaces), as well as other miscellaneous structural parts for large commercial aircraft and/or business/regional jets. Sales from this segment are primarily to the aircraft OEMs or engine OEMs of large commercial aircraft and/or business/regional jet programs. Approximately 66%, 70%, and 65% of Commercial segment net revenues came from the Company’s contracts with Boeing for the twelve months ended December 31, 2024, 2023, and 2022, respectively. Approximately 27%, 23%, and 27% of Commercial segment net revenues came from the Company’s contracts with Airbus for the twelve months ended December 31, 2024, 2023, and 2022, respectively. The Commercial segment manufactures products at the Company’s facilities in Wichita, Kansas; Tulsa, Oklahoma; Kinston, North Carolina; Prestwick, Scotland; Casablanca, Morocco; Belfast, Northern Ireland; and Subang, Malaysia. The Commercial segment also includes an assembly plant for the A350 XWB aircraft in Saint-Nazaire, France.

The Company’s Defense & Space segment includes design and manufacturing of fuselage, strut, nacelle, and wing aerostructures (primarily) for U.S. Government defense programs, including Boeing P-8, C40, and KC-46 Tanker, which are commercial aircraft that are modified for military use. The segment also includes fabrication, bonding, assembly, testing tooling, processing, engineering analysis, and training on fixed wing aircraft aerostructures, missiles and hypersonics work, including solid rocket motor throats and nozzles and re-entry vehicle thermal protections systems, and forward cockpit and cabin, and fuselage work on rotorcraft aerostructures. Sales from this segment are primarily to the prime contractors on various U.S. Government defense program contracts for which the Company is a sub-contractor. A significant portion of the Defense & Space segment revenues are represented by defense business that is classified by the U.S. Government and cannot be specifically described. Approximately 22%, 34%, and 34% of Defense & Space segment net revenues came from the Company’s contracts with an individual customer for the twelve months ended December 31, 2024, 2023, and 2022, respectively. In addition, a customer accounted for approximately 28%, 26%, and 30% of Defense & Space segment net revenues for the twelve months ended December 31, 2024, 2023, and 2022, respectively. The Defense & Space segment manufactures products at the Company’s facilities in Wichita, KS; Tulsa, OK; Biddeford, ME; Woonsocket, RI; Belfast, Northern Ireland; and Prestwick, Scotland.

On November 17, 2024, the Company entered into a definitive agreement to sell our Fiber Materials, Inc. (“FMI”) business, a fully owned subsidiary of Spirit AeroSystems, Inc., for $165.0, subject to customary purchase price adjustments and closing conditions as set forth in the definitive agreement. FMI is located at the facilities in Biddeford, ME ad Woonsocket, RI and was included in the Defense & Space segment as of December 31, 2024. The transaction closed on January 13, 2025. For additional information, see Note 30, Acquisitions and Dispositions.

The Company’s Aftermarket segment includes design, manufacturing, and marketing of spare parts and maintenance, repair, and overhaul (“MRO”) services, repairs for flight control surfaces and nacelles, radome repairs, rotable assets, engineering services, and advanced composite repair. Approximately 54%, 47%, and 48% of Aftermarket segment net revenues came from the Company’s contracts with a single customer for the twelve months ended December 31, 2024, 2023, and 2022, respectively. The Aftermarket segment manufactures products at the Company's facilities in Wichita, KS; Tulsa, OK; Dallas, TX; Prestwick, Scotland; Casablanca, Morocco; and Belfast, Northern Ireland.

 The Company’s segments are consistent with the organization and responsibilities of management reporting to the chief executive officer, the chief operating decision-maker for the purpose of assessing performance. The chief operating decision maker uses both gross profit and segment operating income for each segment primarily in the evaluation of periodic performance and for the forecasting process. He considers forecast-to-actual variances on a quarterly basis for both measures when making decisions about the allocation of operating resources to each segment. The Company’s definition of segment operating income differs from Operating income as presented in its primary financial statements and a reconciliation of the segment and consolidated results is provided in the table set forth below.
 While some working capital accounts are maintained on a segment basis, much of the Company’s assets are not managed or maintained on a segment basis. Property, plant and equipment, including tooling, is used in the design and production of products for each of the segments and, therefore, is not allocated to any individual segment. In addition, cash, prepaid expenses, other assets, and deferred taxes are managed and maintained on a consolidated basis and generally do not pertain to any particular segment. Raw materials and certain component parts are used in aerostructure production across all segments. Work-in-process inventory is identifiable by segment, but is managed and evaluated at the program level. As there is no segmentation of the Company’s productive assets, depreciation expense (included in fixed manufacturing costs and selling, general and administrative expenses) and capital expenditures, no allocation of these amounts has been made solely for purposes of segment disclosure requirements.

The following tables show segment revenues, segment gross profit and segment operating income for the twelve months ended December 31, 2024, 2023 and 2022:

Twelve Months Ended December 31, 2024
Commercial
Defense & Space
Aftermarket
Corporate and Other
Consolidated
($ in millions)
Net revenues
$4,927.4 $975.2 $414.0 $— $6,316.6 
Cost of sales
(6,263.3)(870.5)(358.7)— (7,492.5)
Excess capacity costs
(186.5)(10.0)— — (196.5)
Segment gross (loss) profit$(1,522.4)$94.7 $55.3 $— $(1,372.4)
Restructuring costs
(0.7)— — — (0.7)
Segment operating (loss) income (1)
$(1,523.1)$94.7 $55.3 $— $(1,373.1)
Selling, general and administrative
— — — (365.5)(365.5)
Research and development
— — — (47.5)(47.5)
Operating (loss) income$(1,523.1)$94.7 $55.3 $(413.0)$(1,786.1)
Interest expense and financing fee amortization
— — — (353.5)(353.5)
Other expense, net— — — (2.0)(2.0)
(Loss) income before income taxes and equity in net income of affiliates$(1,523.1)$94.7 $55.3 $(768.5)$(2,141.6)

Twelve Months Ended December 31, 2023
Commercial
Defense & Space
Aftermarket
Corporate and Other
Consolidated
($ in millions)
Net revenues
$4,885.0 $789.0 $373.9 $— $6,047.9 
Cost of sales
(4,627.3)(736.4)(293.9)— (5,657.6)
Excess capacity costs
(177.3)(6.8)— — (184.1)
Segment gross profit$80.4 $45.8 $80.0 $— $206.2 
Restructuring costs
(6.3)(0.9)— — (7.2)
Other operating (expense) income (2)
(8.1)(0.2)2.4 — (5.9)
Segment operating income (1)
$66.0 $44.7 $82.4 $— $193.1 
Selling, general and administrative
— — — (281.9)(281.9)
Research and development
— — — (45.4)(45.4)
Operating income (loss)$66.0 $44.7 $82.4 $(327.3)$(134.2)
Interest expense and financing fee amortization
— — — (318.7)(318.7)
Other expense, net— — — (140.4)(140.4)
Income (loss) before income taxes and equity in net loss of affiliates$66.0 $44.7 $82.4 $(786.4)$(593.3)
Twelve Months Ended December 31, 2022
Commercial
Defense & Space
Aftermarket
Corporate and Other
Consolidated
($ in millions)
Net revenues
$4,068.4 $649.8 $311.4 $— $5,029.6 
Cost of sales
(3,993.0)(571.5)(250.4)— (4,814.9)
Excess capacity costs
(149.5)(7.8)— — (157.3)
Other segment items (3)
(8.6)2.3 (2.5)— (8.8)
Segment gross (loss) profit$(82.7)$72.8 $58.5 $— $48.6 
Restructuring costs
(0.2)— — — (0.2)
Segment operating (loss) income (1)
$(82.9)$72.8 $58.5 $— $48.4 
Selling, general and administrative
— — — (279.2)(279.2)
Research and development
— — — (50.4)(50.4)
Operating (loss) income$(82.9)$72.8 $58.5 $(329.6)$(281.2)
Interest expense and financing fee amortization
— — — (244.1)(244.1)
Other expense, net— — — (14.1)(14.1)
(Loss) income before income taxes and equity in net loss of affiliates$(82.9)$72.8 $58.5 $(587.8)$(539.4)

(1)Inclusive of forward losses, changes in estimates on loss programs and cumulative catch-up adjustments. These changes in estimates for the periods ended December 31, 2024, 2023, and 2022 are further detailed in Note 6, Changes in Estimates.
(2)The twelve months ended December 31, 2023 includes charges of $8.1 and $0.2 related to the temporary production pause for the Commercial and Defense & Space Segments, respectively, and ($2.4) of benefit related to related to the settlement of a contingent consideration obligation related to a prior year acquisition for the Aftermarket Segment.
(3)The twelve months ended December 31, 2022 includes charges of $9.6 for workforce adjustments as a result of the COVID-19 production pause for the Commercial Segment, net of U.S. employee retention credit and U.K. government subsidies, $24.7 and $4.4 in relation to the suspension of activities in Russia for the Commercial and Aftermarket Segments, respectively, and net offsets of ($25.7), ($2.3), and ($1.9) for the Commercial, Defense & Space, and Aftermarket Segments, respectively, related to the AMJPP and other costs.

Most of the Company’s revenue is obtained from sales inside the U.S. However, the Company does generate international sales, primarily from sales to Airbus. The following chart illustrates the split between domestic and foreign revenues:

 Year Ended December 31, 2024Year Ended December 31, 2023Year Ended December 31, 2022
Revenue Source(1)
Net RevenuesPercent of
Total
Net Revenues		Net RevenuesPercent of
Total
Net Revenues		Net RevenuesPercent of
Total
Net Revenues
United States$4,811.0 76 %$4,667.1 77 %$3,814.5 76 %
International 
United Kingdom649.7 10 %582.5 10 %632.8 13 %
Other855.9 14 %798.3 13 %582.3 11 %
Total International1,505.6 24 %1,380.8 23 %1,215.1 24 %
Total Revenues$6,316.6 100 %$6,047.9 100 %$5,029.6 100 %

(1)Net Revenues are attributable to countries based on destination where goods are delivered.

As of December 31, 2024, most of the Company’s property, plant and equipment are located within the U.S. Approximately 18% of the Company’s property, plant and equipment based on book value are located in the U.K., with approximately another 5% of the Company’s total property, plant and equipment located in countries outside the U.S. and the U.K. The following chart illustrates the split between domestic and foreign assets:
 Year Ended December 31, 2024Year Ended December 31, 2023Year Ended December 31, 2022
Asset LocationTotal
PPE		Percent of
PPE		Total
PPE		Percent of
Total
PPE		Total
PPE		Percent of
Total
PPE
United States$1,497.7 77 %$1,605.0 77 %$1,708.2 78 %
International 
United Kingdom356.6 18 %384.0 18 %404.1 18 %
Other93.6 5 %95.2 5 %93.6 4 %
Total International450.2 23 %479.2 23 %497.7 22 %
Total Property, Plant & Equipment$1,947.9 100 %$2,084.2 100 %$2,205.9 100 %
.
v3.25.0.1
Supplemental Balance Sheet Information
 12 Months Ended
Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]  
Supplemental Balance Sheet Information Supplemental Balance Sheet Information
Accrued expenses and other liabilities consist of the following:

December 31, 2024December 31, 2023
Accrued expenses 
Accrued wages and bonuses$51.5 $63.3 
Accrued fringe benefits113.9 118.0 
Accrued payroll taxes8.6 10.0 
Accrued interest39.8 34.1 
Workers’ compensation
10.6 9.4 
Property and sales tax25.8 26.0 
Warranty/extraordinary rework reserve — current0.6 1.0 
Former executive officer liability (3)
47.5 47.5 
Other (1)
155.0 110.8 
Total$453.3 $420.1 
Other liabilities 
Warranty/extraordinary rework reserve - non-current
86.1 81.7 
Other (2)
51.1 53.8 
Total$137.2 $135.5 
v3.25.0.1
Acquisitions (Notes)
 12 Months Ended
Dec. 31, 2024
Business Combinations [Abstract]  
Mergers, Acquisitions and Dispositions Disclosures [Text Block] Acquisitions and Dispositions
Acquisitions

T.E.A.M., Inc.

On November 23, 2022, Spirit AeroSystems Textiles, LLC (“Spirit Textiles”), a fully owned subsidiary of Spirit AeroSystems, Inc. closed its purchase of substantially all of the assets and all of the liabilities of T.E.A.M., Inc., a Rhode Island corporation, which is engaged in the business of manufacturing and engineering textiles, composites, and textile and composite products, for cash consideration of $31.3. The acquisition was accounted for as a business combination in accordance with ASC Topic 805, Business Combinations. The purchase price has been allocated among assets acquired and liabilities assumed at fair value based on information currently available, with the excess purchase price recorded as goodwill, which is fully allocated to the Defense & Space segment. As of December 31, 2022, the Company had preliminarily concluded, but not finalized, its
assessment and purchase price allocation of the acquisition. The final fair value determination is subject to a contractual post-closing working capital true-up, which the Company concluded in the first quarter of 2023. The final purchase price allocation resulted in $0.6 adjustments to the assets acquired and the liabilities assumed that were recorded as of the acquisition date, which were included in the Consolidated Balance Sheet as of December 31, 2022. The adjusted assets acquired and the liabilities assumed included $8.3 of property, plant and equipment, $1.7 of working capital, $13.5 of intangible assets and $7.7 allocated to goodwill, which is expected to be deductible for tax purposes. Operating income is immaterial and reported within the Defense & Space segment.

There were no acquisition-related expenses for the twelve months ended December 31, 2024 and December 31, 2023, respectively.

Dispositions

Fiber Materials, Inc.

On November 17, 2024, the Company entered into a definitive agreement to sell our Fiber Materials, Inc. (“FMI”) business, a fully owned subsidiary of Spirit AeroSystems, Inc. which operated in the Company’s Defense & Space segment, for $165.0, subject to customary purchase price adjustments and closing conditions as set forth in the definitive agreement. The transaction closed on January 13, 2025.

The carrying amounts of the assets and liabilities of FMI classified as held for sale in our Consolidated Balance Sheets as of December 31, 2024 were as follows:

December 31, 2024
($ in millions)
Assets
Accounts receivable, net
$9.8 
Contract assets, short-term
24.6 
Inventory, net
7.3 
Other current assets
1.3 
Property, plant and equipment, net
22.6 
Right of use assets
2.4 
Goodwill
1.1 
Intangible assets, net
31.5 
Total assets held for sale
$100.6 
Liabilities
Accounts payable
$1.2 
Accrued expenses
3.5 
Profit sharing
2.2 
Operating lease liabilities, short-term
0.2 
Contract liabilities, short-term
6.4 
Operating lease liabilities, long-term
2.3 
Deferred income taxes
3.0 
Total liabilities held for sale
$18.8 
T.E.A.M., Inc. Acquisition
T.E.A.M., Inc.

On November 23, 2022, Spirit AeroSystems Textiles, LLC (“Spirit Textiles”), a fully owned subsidiary of Spirit AeroSystems, Inc. closed its purchase of substantially all of the assets and all of the liabilities of T.E.A.M., Inc., a Rhode Island corporation, which is engaged in the business of manufacturing and engineering textiles, composites, and textile and composite products, for cash consideration of $31.3. The acquisition was accounted for as a business combination in accordance with ASC Topic 805, Business Combinations. The purchase price has been allocated among assets acquired and liabilities assumed at fair value based on information currently available, with the excess purchase price recorded as goodwill, which is fully allocated to the Defense & Space segment. As of December 31, 2022, the Company had preliminarily concluded, but not finalized, its
assessment and purchase price allocation of the acquisition. The final fair value determination is subject to a contractual post-closing working capital true-up, which the Company concluded in the first quarter of 2023. The final purchase price allocation resulted in $0.6 adjustments to the assets acquired and the liabilities assumed that were recorded as of the acquisition date, which were included in the Consolidated Balance Sheet as of December 31, 2022. The adjusted assets acquired and the liabilities assumed included $8.3 of property, plant and equipment, $1.7 of working capital, $13.5 of intangible assets and $7.7 allocated to goodwill, which is expected to be deductible for tax purposes. Operating income is immaterial and reported within the Defense & Space segment.

There were no acquisition-related expenses for the twelve months ended December 31, 2024 and December 31, 2023, respectively.
FMI disposition text block
Fiber Materials, Inc.

On November 17, 2024, the Company entered into a definitive agreement to sell our Fiber Materials, Inc. (“FMI”) business, a fully owned subsidiary of Spirit AeroSystems, Inc. which operated in the Company’s Defense & Space segment, for $165.0, subject to customary purchase price adjustments and closing conditions as set forth in the definitive agreement. The transaction closed on January 13, 2025.

The carrying amounts of the assets and liabilities of FMI classified as held for sale in our Consolidated Balance Sheets as of December 31, 2024 were as follows:

December 31, 2024
($ in millions)
Assets
Accounts receivable, net
$9.8 
Contract assets, short-term
24.6 
Inventory, net
7.3 
Other current assets
1.3 
Property, plant and equipment, net
22.6 
Right of use assets
2.4 
Goodwill
1.1 
Intangible assets, net
31.5 
Total assets held for sale
$100.6 
Liabilities
Accounts payable
$1.2 
Accrued expenses
3.5 
Profit sharing
2.2 
Operating lease liabilities, short-term
0.2 
Contract liabilities, short-term
6.4 
Operating lease liabilities, long-term
2.3 
Deferred income taxes
3.0 
Total liabilities held for sale
$18.8 
v3.25.0.1
Payables and Accruals
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Supplier Finance Program
The Company has provided certain suppliers with access to a supply chain financing program through facilities with third-party financing institutions. The Company’s suppliers’ ability to access the program is primarily dependent upon the strength of the Company’s financial condition and certain qualifying criteria. The program allows these suppliers to monetize their
receivables prior to the contractual payment date, subject to a payment of a discount. The capacity of the program is limited to $122.0 at any point in time. If a supplier’s request exceeds the program limit, then it will be honored when capacity is available. Under the supply chain financing program, the Company agrees to pay the third-party financing institution the stated amount of confirmed invoices from its designated suppliers on the original maturity dates of the invoices, and suppliers have the ability to be paid from the third-party financing institution on an accelerated basis. The Company’s suppliers’ election to sell one or more of the Company’s confirmed obligations under the supply chain financing program is optional. The Company’s responsibility is limited to making payment on the terms originally negotiated with its suppliers for up to 120 days, regardless of whether the suppliers elect to sell their receivables to the third-party financing institution. Within the current population of qualified suppliers, there are no payment discounts offered or taken at any point by the financing institution or by the Company. The Company or the third-party financing institution may terminate the agreement upon at least 45 days’ notice.

The balance of confirmed obligations outstanding to suppliers who elect to participate in the supply chain financing program is included in the Company’s Accounts payable balance on the Company’s Consolidated Balance Sheets. The changes in each period primarily reflect purchases from suppliers related to production levels during the respective periods and are summarized as follows:

For the Twelve Months Ended
December 31, 2024December 31, 2023
Confirmed obligations outstanding, beginning of period$155.6 $102.0 
Invoices confirmed during the year468.1 496.2 
Invoices paid during the year(546.9)(442.6)
Confirmed obligations outstanding, end of period$76.8 $155.6 
v3.25.0.1
Organization, Consolidation and Presentation of Financial Statements
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Accounting Basis of Presentation
The accompanying consolidated financial statements include the Company’s financial statements and the financial statements of its majority owned or controlled subsidiaries and have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and Regulation S-X. All intercompany balances and transactions have been eliminated in consolidation.

Spirit is the majority participant in the Kansas Industrial Energy Supply Company (“KIESC”), a tenancy-in-common with other Wichita companies established to purchase natural gas. KIESC is fully consolidated as the Company owns 70.4% of the entity’s equity. Spirit has a controlling interest in, and fully consolidates, its subsidiary Spirit Evergreen Aftermarket Solutions Co., Ltd., a joint venture with Evergreen Technologies Corporation to provide MRO services to the Asia-Pacific market.

The Company’s U.K. subsidiary in Prestwick uses local currency, the British pound sterling, as its functional currency, and the Malaysian subsidiary also uses the British pound sterling as its functional currency. All other foreign subsidiaries and branches use the U.S. dollar as their functional currency. As part of the monthly consolidation process, the functional currencies of the Company’s international subsidiaries are translated to U.S. dollars using the end-of-month translation rate for assets and liabilities and average period currency translation rates for revenue and income accounts.

Agreement and Plan of Merger with The Boeing Company

On June 30, 2024, Holdings entered into an Agreement and Plan of Merger (the “Merger Agreement”) with The Boeing Company (“Boeing”) and Sphere Acquisition Corp., a wholly owned subsidiary of Boeing (“Merger Sub”). The Merger Agreement provides that, subject to the terms and conditions set forth in the Merger Agreement, Merger Sub will merge with and into Holdings (the “Merger”), with Holdings surviving the Merger and becoming a wholly owned subsidiary of Boeing.
On the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of Holdings Class A Common Stock, par value $0.01 per share (“Holdings Common Stock”) issued and outstanding immediately prior to the Effective Time (other than shares of Holdings Common Stock owned by Boeing, Merger Sub, any other wholly owned subsidiary of Boeing, Holdings, or any wholly owned subsidiary of Holdings, in each case, not held on behalf of third parties) will be automatically cancelled and cease to exist and will be converted into the right to receive a number of shares of Holdings Common Stock, of the par value of $5 each, of Boeing (“Boeing Common Stock”) equal to (a) if the volume-weighted average price per share of Boeing Common Stock on the New York Stock Exchange for the 15 consecutive trading days ending on and including the second full trading day prior to the Effective Time (the “Boeing Stock Price”), is greater than $149.00 but less than $206.94, the quotient obtained by dividing $37.25 by the Boeing Stock Price, rounded to four decimal places or (b) if the Boeing Stock Price is greater than or equal to $206.94, 0.1800 or (c) if the Boeing Stock Price is equal to or less than $149.00, 0.2500 (such number of shares of Boeing Common Stock, the “Per Share Merger Consideration”).

Under the terms of the Merger Agreement, the closing of the Merger is subject to various conditions, including: (a) the adoption of the Merger Agreement by the holders of a majority of the outstanding shares of Holdings Common Stock entitled to vote thereon (the “Holdings Stockholder Approval”); (b) the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), and the receipt of other specified regulatory approvals (collectively, including the expiration or termination of any such waiting periods, the “Regulatory Approvals”); (c) the absence of any law or order issued by a governmental entity prohibiting the consummation of the Merger; (d) the approval for listing on the New York Stock Exchange of, and the effectiveness of a registration statement on Form S‑4 relating to, the shares of Boeing Common Stock to be issued in the Merger; (e) solely with respect to the obligations of Boeing and Merger Sub to effect the closing of the Merger, (1) the accuracy (subject to materiality qualifiers in certain cases) of the representations and warranties of Holdings contained in the Merger Agreement, (2) Holdings having performed in all material respects the obligations required to be performed by it under the Merger Agreement at or prior to the closing of the Merger, (3) the Regulatory Approvals having been obtained without the imposition of a Burdensome Condition (as defined in the Merger Agreement), (4) the absence of a Material Adverse Effect (as defined in the Merger Agreement) or any event that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect since the date of the Merger Agreement and (5) Holdings having completed the divestiture of certain portions of the Company’s business related to the performance by the Company of its obligations under supply contracts with Airbus SE and its affiliates (the “Spirit Airbus Business”); and (f) solely with respect to the obligation of Holdings to effect the closing of the Merger, (1) the accuracy (subject to materiality qualifiers in certain cases) of the representations and warranties of Boeing and Merger Sub contained in the Merger Agreement, (2) each of Boeing and Merger Sub having performed in all material respects the obligations required to be performed by it under the Merger Agreement at or prior to the closing of the Merger and (3) the absence of a Parent Material Adverse Effect (as defined in the Merger Agreement) or any event that would reasonably be expected to have, individually or in the aggregate, a Parent Material Adverse Effect since the date of the Merger Agreement.

The Merger Agreement includes customary representations, warranties and covenants of Holdings, Boeing and Merger Sub, including covenants restricting Holdings from soliciting alternative acquisition proposals, governing the conduct of the Company’s business during the period between the date of the Merger Agreement and completion of the Merger and relating to the parties’ efforts to consummate the Merger as promptly as reasonably practicable. The Merger Agreement includes provisions to facilitate the disposition by the Company to Airbus SE and its affiliates (“Airbus”) of the Spirit Airbus Business, as contemplated by a term sheet between Spirit and Airbus SE (the “Airbus Term Sheet”) described below under the sub-heading Airbus Term Sheet. The Merger Agreement also includes provisions, which are consistent with provisions in the Airbus Term Sheet, to facilitate the potential sale, subject to certain Boeing consent rights, by the Company to other third parties of specified assets and businesses, some of which include or comprise parts of the Spirit Airbus Business. Such specified assets and businesses include, among others, the Company’s operations in Belfast, Northern Ireland (other than the operations that are part of the Spirit Airbus Business) and Subang, Malaysia, certain of the Company’s operations in Prestwick, Scotland and the Company’s Fiber Materials, Inc. business.

The Merger Agreement includes termination provisions under which either Holdings or Boeing may terminate the Merger Agreement in various circumstances, including if the Merger has not been consummated by March 31, 2025, subject to three automatic three-month extensions if on each such date all of the closing conditions except those relating to regulatory approvals or the disposition of the Spirit Airbus Business have been satisfied or waived (such date, as so extended (if applicable), the “Outside Date”). Upon termination of the Merger Agreement in specified circumstances, Boeing would be required to pay to Holdings a termination fee of $300.0 reduced (but not to less than zero) by the aggregate then-outstanding amount of cash
advances to be repaid by the Company to Boeing, whether or not then due and payable, pursuant to the applicable agreements governing cash advances by Boeing to the Company.

Subject to satisfaction of the closing conditions in the Merger Agreement, the closing of the Merger is expected to occur in mid-2025.

In connection with the proposed merger, Spirit and Boeing have each received a request for additional information (“second request”) from the Federal Trade Commission as part of the regulatory review process under the HSR Act. The second request extends the waiting period imposed by the HSR Act until 30 days after Spirit and Boeing have substantially complied with the requests or the waiting period is terminated sooner by the Federal Trade Commission.

Other than transaction expenses associated with the Merger of $66.0 for the twelve months ended December 31, 2024, recorded within Selling, general and administrative expense in our Consolidated Statements of Operations, the Merger Agreement did not affect the Company’s consolidated financial statements for the twelve months ended December 31, 2024.

Airbus Term Sheet

Spirit and Airbus SE entered into the Airbus Term Sheet on June 30, 2024. The Airbus Term Sheet is a binding term sheet under which the parties have agreed to negotiate in good faith definitive agreements (the “Definitive Agreements”), including a purchase agreement, providing for the acquisition by Airbus or its affiliates of the Spirit Airbus Business on the terms set forth in the Airbus Term Sheet with the goal of permitting Boeing and Holdings to consummate the Merger prior to the Outside Date. The Airbus Term Sheet provides that the execution of the Definitive Agreements will be subject to and conditioned upon the completion to the satisfaction of Airbus of its due diligence. The Airbus Term Sheet contemplates that specified portions of the Spirit Airbus Business, such as the portion of the Spirit Airbus Business in Prestwick, Scotland (the “Airbus Prestwick Business”), may, instead of being acquired by Airbus or its affiliates, be acquired by one or more third parties.

Under the transaction terms set forth in the Airbus Term Sheet, Airbus would acquire from Spirit and its subsidiaries the Spirit Airbus Business, excluding any portions thereof to be acquired by third parties, and cash in the amount of $559.0 (subject to downward adjustment if the acquisition by Airbus includes the Airbus Prestwick Business) for nominal consideration of one dollar, subject to working capital and other purchase price adjustments and additional adjustments, to be agreed between the parties prior to execution and delivery of the Definitive Agreements, to reflect the fair market value of specified assets of the Spirit Airbus Business to the extent they are to be acquired by Airbus rather than third parties.

The transaction terms set forth in the Airbus Term Sheet include provisions for, among other things, the payment in full by Spirit to Airbus of any loans, advance payments, similar arrangements and undisputed liquidated damages owing from Spirit to Airbus (the “Outstanding Amounts”) as of the closing of the transactions contemplated by the Airbus Term Sheet (the “Airbus Transactions,” and such closing, the “Airbus Closing”), with any disputed liquidated damages to be resolved and paid in accordance with a mutually agreed dispute resolution process; transitional arrangements with respect to specified real estate; obtaining third-party consents; segregation of Spirit’s business conducted primarily for the benefit of Airbus from the remainder of Spirit’s business and treatment of vendor and supply contracts, employees, intellectual property, pensions and unfunded employee liabilities in connection with the separation of those portions of Spirit’s business; mutual indemnification and releases; inclusion in the Definitive Agreements of customary representations, warranties and covenants; and transitional and other arrangements to be entered into by the parties at the Airbus Closing.

Under the transaction terms set forth in the Airbus Term Sheet, the Airbus Closing would be conditioned upon the receipt of applicable governmental and regulatory consents, approvals and clearances; the absence of any order, legal prohibition or injunction preventing the consummation of the Airbus Transactions; compliance by the parties with their pre-closing covenants in all material respects; payment in full of the Outstanding Amounts; the closing under the Merger Agreement occurring substantially concurrently with the Airbus Transactions; there being no material adverse change after the date of the Definitive Agreements and before the Airbus Closing in the business operations to be acquired by Airbus at the Airbus Closing; and Spirit’s implementation in all material respects of technical measures and policies to protect confidential data of Airbus.

The Airbus Term Sheet provides that no binding agreement has been made with respect to the French aspects of the Airbus Transactions (“Airbus French Transactions”). Prior to the Company and Airbus and its affiliates entering into definitive agreements that are applicable to the Airbus French Transactions, Spirit and Airbus have agreed to comply with their respective
information and consultation obligations with applicable employees and employee representatives. The Airbus Term Sheet also provides that the parties will complete necessary labor consultations and obtain necessary approvals from applicable unions and works councils in various jurisdictions, as may be legally required.

Assets Held for Sale

On November 17, 2024, the Company entered into a definitive agreement to sell our Fiber Materials, Inc. (“FMI”) business, a fully owned subsidiary of Spirit AeroSystems, Inc., for $165.0, subject to customary purchase price adjustments and closing conditions as set forth in the definitive agreement. The transaction closed on January 13, 2025. For additional information, see Note 30 Acquisitions and Dispositions.

Liquidity

Our consolidated financial statements have been prepared in accordance with US generally accepted accounting principles (GAAP) on a going concern basis, which assumes the Company will be able to continue as a going concern and contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company’s ability to continue as a going concern exists. The Company has incurred net losses of $2,139.8, $616.2, and $545.7, for the twelve months ended December 31, 2024, 2023, and 2022, respectively, and cash used in operating activities of $1,120.9, $225.8, and $394.6, respectively for the same periods. As of December 31, 2024, our debt balance was $4,394.2, including $424.5 of debt classified as short-term. The Company’s cash and cash equivalents were $537.0 and $823.5 as of December 31, 2024, and December 31, 2023, respectively. The Company will require additional liquidity to continue its operations over the next 12 months.

Further, certain changes made to the production and delivery process implemented by Boeing have had an immediate impact to the Company’s results of operations and cash flows. On March 2, 2024, Boeing announced they would no longer accept deliveries of product that required out of sequence assembly or incremental quality re-work. As a result, the Company has experienced higher levels of inventory and contract assets and lower operational cash flows due to the inability to physically ship and invoice end items to Boeing in a timeframe aligned with production activities. Additionally, during late 2023 the Company was preparing its production line to accommodate an expected increase in production rates for 2024 and beyond. Boeing’s ability to increase production rates is governed by the FAA, and the production rates which were anticipated are now limited. During the quarter ended September 26, 2024, the Company continued to experience delays and realized higher than anticipated costs with respect to these production and delivery processes, and anticipates that some level of higher costs will continue in the future.

On April 18, 2024, the Company entered into a Memorandum of Agreement (“MOA”) with Boeing, where Boeing advanced $425.0 to the Company to support the Company’s liquidity. This MOA was amended on June 20, 2024, to increase the advance by an additional $40.0 and to revise certain repayment amounts and extend near-term repayment dates. As of the date of this filing, we have repaid $40.0 of the MOA advances. The MOA was amended again on January 22, 2025 to reschedule the repayment dates to occur from April to September 2026.

On October 18, 2024, we announced a 21-day furlough, effective October 27, 2024, for approximately 700 employees working on the B767 and B777 programs in response to the strike by Boeing IAM employees which lasted from September to November 2024, as the Company had reached maximum storage capacity on the B767 and B777 programs. Our ability to align our costs, including both internal and supply chain related spending, to react to unexpected changes in customer-determined production rates has and will likely continue to have a material impact on the Company’s results of operations and cash flows. Our liquidity has been impacted by higher levels of inventory and contract assets, lower operational cash flows due to a decrease in expected deliveries to Boeing, higher factory costs to maintain rate readiness (attributed to product quality verification process enhancements, including moving such processes from Renton, Washington, to Wichita, Kansas), Boeing no longer allowing for traveled work on the B737 fuselage to its factories, the strike by Boeing employees, and limitations on Boeing increasing production rates. Based upon expected production volumes and deliveries, the terms of this advance require installments be repaid through October 2024, which has been deferred.

Additionally, the Company was in negotiations with Airbus related to pricing adjustments on the A220 and A350 programs during 2023 and continuing into 2024 with a goal of completing those negotiations in early 2024. As a result of the announcement on March 1, 2024, that the Company was engaged in discussions with Boeing about a possible acquisition of the
Company by Boeing, followed by the signing of the Merger Agreement and Term Sheet on June 30, 2024, there was a shift in the strategic discussions with Airbus relevant to pricing adjustments on the A220 and A350 programs, most recently with a focus toward customer advances and other accommodations.

These developments in 2024 resulted in a significant reduction in projected revenue and operating cash flows over the next twelve months. Additionally, although the advances received in 2024 have provided essential operational liquidity, there can be no assurance that we will be able to obtain additional advances from our customers, repay current advances on the specified due dates, renegotiate the due date or otherwise obtain additional liquidity as needed under acceptable terms or at all. We will need to obtain additional funding to sustain operations, as we expect to continue generating operating losses for the foreseeable future.

Management has developed a plan designed to improve liquidity in response to the developments highlighted above. These plans are dependent upon many factors, including, among other things, the outcomes of discussions related to the timing or amounts of repayment for certain customer advances, the timing and expected proceeds received from certain divestitures, the expected timing and outcome of the transactions contemplated by the Merger Agreement and the Airbus Term Sheet announced June 30, 2024, and achieving anticipated B737 deliveries. Management is also evaluating additional strategies intended to improve liquidity to support operations, including, but not limited to, additional customer advances and restructuring of operations in an effort to increase efficiency and decrease expenses, which may include layoffs or additional furloughs. However, there can be no assurance that these plans or strategies will sufficiently improve our liquidity needs or that we will otherwise realize the anticipated benefits. Accordingly, substantial doubt about the Company’s ability to continue as a going concern exists.

These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above.
Mergers, Acquisitions and Dispositions Disclosures [Text Block] Acquisitions and Dispositions
Acquisitions

T.E.A.M., Inc.

On November 23, 2022, Spirit AeroSystems Textiles, LLC (“Spirit Textiles”), a fully owned subsidiary of Spirit AeroSystems, Inc. closed its purchase of substantially all of the assets and all of the liabilities of T.E.A.M., Inc., a Rhode Island corporation, which is engaged in the business of manufacturing and engineering textiles, composites, and textile and composite products, for cash consideration of $31.3. The acquisition was accounted for as a business combination in accordance with ASC Topic 805, Business Combinations. The purchase price has been allocated among assets acquired and liabilities assumed at fair value based on information currently available, with the excess purchase price recorded as goodwill, which is fully allocated to the Defense & Space segment. As of December 31, 2022, the Company had preliminarily concluded, but not finalized, its
assessment and purchase price allocation of the acquisition. The final fair value determination is subject to a contractual post-closing working capital true-up, which the Company concluded in the first quarter of 2023. The final purchase price allocation resulted in $0.6 adjustments to the assets acquired and the liabilities assumed that were recorded as of the acquisition date, which were included in the Consolidated Balance Sheet as of December 31, 2022. The adjusted assets acquired and the liabilities assumed included $8.3 of property, plant and equipment, $1.7 of working capital, $13.5 of intangible assets and $7.7 allocated to goodwill, which is expected to be deductible for tax purposes. Operating income is immaterial and reported within the Defense & Space segment.

There were no acquisition-related expenses for the twelve months ended December 31, 2024 and December 31, 2023, respectively.

Dispositions

Fiber Materials, Inc.

On November 17, 2024, the Company entered into a definitive agreement to sell our Fiber Materials, Inc. (“FMI”) business, a fully owned subsidiary of Spirit AeroSystems, Inc. which operated in the Company’s Defense & Space segment, for $165.0, subject to customary purchase price adjustments and closing conditions as set forth in the definitive agreement. The transaction closed on January 13, 2025.

The carrying amounts of the assets and liabilities of FMI classified as held for sale in our Consolidated Balance Sheets as of December 31, 2024 were as follows:

December 31, 2024
($ in millions)
Assets
Accounts receivable, net
$9.8 
Contract assets, short-term
24.6 
Inventory, net
7.3 
Other current assets
1.3 
Property, plant and equipment, net
22.6 
Right of use assets
2.4 
Goodwill
1.1 
Intangible assets, net
31.5 
Total assets held for sale
$100.6 
Liabilities
Accounts payable
$1.2 
Accrued expenses
3.5 
Profit sharing
2.2 
Operating lease liabilities, short-term
0.2 
Contract liabilities, short-term
6.4 
Operating lease liabilities, long-term
2.3 
Deferred income taxes
3.0 
Total liabilities held for sale
$18.8 
v3.25.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On November 17, 2024, Spirit and FMI entered into a Stock Purchase Agreement with Tex-Tech Industries, Inc., a Delaware corporation (“Tex-Tech”), providing for, among other things, the acquisition by Tex-Tech from Spirit of all of the outstanding equity interests in FMI for an aggregate purchase price of $165.0 in cash, subject to specified adjustments as set forth in the Stock Purchase Agreement. The underlying net assets of FMI were classified as held for sale as of December 31, 2024. The sale was completed on January 13, 2025. Spirit expects to record a gain on sale during our first quarter of fiscal year 2025.

On January 22, 2025, Spirit and Boeing entered into Amendment 2 to Memorandum of Agreement (the “April 2024 MOA Amendment”) amending the parties’ April 18, 2024 Memorandum of Agreement, as previously amended (the “April 2024 MOA”), by, among other things (1) replacing Article 5 “Repayment” of the April 2024 MOA and providing for the Company to repay to Boeing the $425.0 of outstanding advances under the April 2024 MOA, as amended (the “Amended April 2024 MOA”), as follows: $75.0 on April 1, 2026; $75.0 on May 1, 2026; $75.0 on June 1, 2026; $75.0 on July 1, 2026; $75.0 on August 1, 2026; and $50.0 on September 1, 2026 (each of which dates would be a Repayment Date as defined in the Amended April 2024 MOA); and (2) providing that, in the event that the Merger Agreement is terminated in accordance with the terms of the Merger Agreement, the then outstanding advances under the Amended April 2024 MOA will become due and payable in full on April 1, 2026.

On January 22, 2025, Spirit and Boeing entered into Amendment 2 to the 737 Production Rate Advance Memorandum of Agreement dated April 28, 2023 (the “April 2023 MOA Amendment”). The April 2023 MOA Amendment amended the parties’ Memorandum of Agreement dated April 28, 2023, as previously amended (the “April 2023 MOA”), by, among other things (1) replacing Section 4 “Advance” of the April 2023 MOA and providing for Spirit to repay to Boeing the $180.0 of outstanding advances under the April 2023 MOA, as amended (the “Amended April 2023 MOA”), as follows: $45.0 on October 1, 2026, $45.0 on November 1, 2026, $45.0 on December 1, 2026 and $45.0 on December 1, 2027 (each of which dates would be a Repayment Date as defined in the Amended April 2023 MOA); and (2) providing that, in the event that the Merger Agreement is terminated in accordance with its terms, the then outstanding advances under the Amended April 2023 MOA will become due and payable in full on April 1, 2026.
On February 14, 2025, Holdings, Spirit and Spirit NC entered into (i) the Bridge Credit Agreement Amendment with MSSF, as lender and as administrative agent, with respect to the Bridge Credit Agreement (as in effect prior to such date, the “Prior Bridge Credit Agreement”), with MSSF, as lender, as administrative agent and as collateral agent, and (ii) the Third Amendment to Term Loan Credit Agreement (the “TLB Credit Agreement Amendment” and, together with the Bridge Credit Agreement Amendment, the “Amendments”) with BofA, as administrative agent, and the lenders party thereto with respect to the Credit Agreement (as amended and in effect prior such date, the “Prior TLB Credit Agreement,” and each of the Prior TLB Credit Agreement and the Prior Bridge Credit Agreement a “Prior Credit Agreement”), among Spirit, BofA, as administrative agent and as collateral agent, and the lenders from time to time party thereto.

Pursuant to the applicable Amendment, each Prior Credit Agreement was amended to remove the requirement that the audit opinion with respect to the Company’s annual financial statements for the fiscal year ending December 31, 2024 not be subject to a “going concern” qualification.

On January 31, 2025, at a special meeting of Holdings stockholders, a proposal to adopt the Merger Agreement was approved by the requisite vote of Holdings stockholders.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income $ (2,139.8) $ (616.2) $ (545.7)
v3.25.0.1
Insider Trading Arrangements
 12 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Revenue Recognition, Long-term Contracts [Policy Text Block]
Revenues and Profit Recognition
Substantially all of the Company’s revenues are from long-term supply agreements with Boeing, Airbus, and other aerospace manufacturers. The Company participates in its customers’ programs by providing design, development, manufacturing, fabrication, and support services for major aerostructures in the commercial, defense and space, and aftermarket segments. During the early stages of a program, this frequently involves nonrecurring design and development services, including tooling. As the program matures, the Company provides recurring manufacturing of products in accordance with customer design and schedule requirements. Many contracts include clauses that provide sole supplier status to the Company for the duration of the program’s life (including derivatives). The Company’s long-term supply agreements typically include fixed price volume-based terms and require the satisfaction of performance obligations for the duration of the program’s life.

The identification of an accounting contract with a customer and the related promises require an assessment of each party’s rights and obligations regarding the products or services to be transferred, including an evaluation of termination clauses and presently enforceable rights and obligations. In general, these long-term supply agreements are legally governed by master supply agreements (or general terms agreements) together with special business provisions (or work package agreements), which define specific program requirements. Purchase orders (or authorizations to proceed) are issued under these agreements to reflect presently enforceable rights and obligations for the units of products and services being purchased. The units for accounting purposes (“accounting contract”) are typically determined by the purchase orders. Revenue is recognized when the Company has a contract with presently enforceable rights and obligations, including an enforceable right to payment for work performed. These agreements may lead to continuing sales for more than twenty years. Customers generally contract with the Company for requirements relating to a specific program, and the Company’s performance obligations consist of a wide range of engineering design services and manufactured structural components, as well as spare parts and repairs for OEMs. A single
program may result in multiple contracts for accounting purposes, and within the respective contracts, non-recurring work elements and recurring work elements may result in multiple performance obligations. The Company generally contracts directly with its customers and is the principal in all current contracts.

Management considers a number of factors when determining the existence of an accounting contract and the related performance obligations that include, but are not limited to, the nature and substance of the business exchange, the contractual terms and conditions, the promised products and services, the termination provisions in the contract, including the presently enforceable rights and obligations of the parties to the contract, the nature and execution of the customer’s ordering process and how the Company is authorized to perform work, whether the promised products and services are distinct or capable of being distinct within the context of the contract, as well as how and when products and services are transferred to the customer.

Revenue is recognized when, or as, control of promised products or services transfers to a customer and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those products or services. Revenue is recognized over time as work progresses when the Company is entitled to the reimbursement of costs plus a reasonable profit for work performed for which the Company has no alternate use. For these performance obligations that are satisfied over time, the Company generally recognizes revenue using an input method with revenue amounts being recognized proportionately as costs are incurred relative to the total expected costs to satisfy the performance obligation. The Company believes that costs incurred as a portion of total estimated costs is an appropriate measure of progress towards satisfaction of the performance obligation since this measure reasonably depicts the progress of the work effort. When the Company experiences abnormal production costs such as excess capacity costs the Company will expense the costs in the period incurred separately from the costs incurred for satisfaction of the performance obligations under the Company’s contracts with customers.

Revenue for performance obligations that are not recognized over time are recognized at the point in time when control transfers to the customer. For performance obligations that are satisfied at a point in time, the Company evaluates the point in time when the customer can direct the use of, and obtain the benefits from, the products and services. Shipping and handling costs are not considered performance obligations and are included in cost of sales as incurred.

The transaction price for a contract reflects the consideration the Company expects to receive for fully satisfying the performance obligations in the contract. The Company’s current contracts do not include any significant financing components because the timing of the transfer of the underlying products and services under contract are at the customers’ discretion. Additionally, the Company does not adjust the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the entity transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. The Company’s contracts with customers generally require payment under normal commercial terms after delivery. Payment terms are typically within 30 to 120 days of delivery. The total transaction price is allocated to each of the identified performance obligations using the relative standalone selling price to reflect the amount the Company expects to be entitled for transferring the promised products and services to the customer.

Standalone selling price is the price at which the Company would sell a promised good or service separately to a customer. Standalone selling prices are established at contract inception and subsequent changes in transaction price are allocated on the same basis as at contract inception. Standalone selling prices for the Company’s products and services are generally not observable and the Company uses the “Expected Cost plus a Margin” approach to determine standalone selling price. Expected costs are typically derived from the available periodic forecast information. If a contract modification changes the overall transaction price of an existing contract, the Company allocates the new transaction price on the basis of the relative standalone selling prices of the performance obligations and cumulative adjustments, if any, are recorded in the current period.

The Company also identifies and estimates variable consideration for contractual provisions such as unpriced contract modifications, cost sharing provisions, incentives and awards, non-warranty claims and assertions, provisions for non-conformance and rights to return, or other payments to, or receipts from, customers and suppliers. The timing of satisfaction of performance obligations and actual receipt of payment from a customer may differ and affects the balances of the contract assets and liabilities.

For contracts that are deemed to be loss contracts, the Company establishes forward loss reserves for total estimated costs that are in excess of total estimated consideration in the period in which they become known. These reserves are based on
estimates for accounting contracts, plus options that the Company believes are likely to be exercised. The Company records forward loss reserves for all performance obligations in the aggregate for the accounting contract.
Property, Plant and Equipment [Line Items]  
Use of Estimates, Policy [Policy Text Block]
Use of Estimates

The preparation of the Company’s financial statements in conformity with GAAP requires management to use estimates and assumptions. The results of these estimates form the basis for making judgments that may affect the reported amounts of assets and liabilities, including the impacts of contingent assets and liabilities, and the reported amounts of revenue and expenses during the reporting period.

Management may make significant judgments when assessing estimated amounts of variable consideration and related constraints, the number of options likely to be exercised, and the standalone selling prices of the Company’s products and services. The Company also estimates the cost of satisfying the performance obligations in its contracts and options that may extend over many years. Cost estimates reflect currently available information and the impact of any changes to cost estimates, based upon the facts and circumstances, are recorded in the period in which they become known.

The transaction price for a contract reflects the consideration the Company expects to receive for fully satisfying the performance obligations in the contract. The Company’s contracts with customers are typically for products and services to be provided at fixed stated prices but may also include variable consideration. Variable consideration may include, but is not
limited to, unpriced contract modifications, cost sharing provisions, incentives and awards, non-warranty claims and assertions, provisions for non-conformance and rights to return, or other payments to, or receipts from, customers. The Company estimates the variable consideration using the expected value or the most likely amount based upon the facts and circumstances, available data and trends and the history of resolving variability with specific customers and suppliers.

The Company regularly commences work and incorporates customer-directed changes prior to negotiating pricing terms for engineering work, product modifications, and other statements of work. The Company’s contractual terms typically provide for price negotiations after certain customer-directed changes have been accepted by the Company. Prices are estimated until they are contractually agreed upon with the customer. When a contract is modified, the Company evaluates whether additional distinct products and services have been promised at standalone selling prices, in which case the modification is treated as a separate contract. If not, depending on whether the remaining performance obligations are distinct from the goods or services transferred on or before the modification, the modification is either treated prospectively as if it were a termination of the existing contract and the creation of a new contract, treated as if it were a part of the existing contract, or treated as some combination.

The Company allocates the consideration for a contract to the performance obligations on the basis of their relative standalone selling price. The Company estimates the likelihood of the amount of options that the customer is going to exercise when assessing the impact of loss contracts.

The Company typically provides warranties on all the Company’s products and services. Generally, warranties are not priced separately and customers cannot purchase them independently of the products or services under contract, so they do not create performance obligations. The Company’s warranties generally provide assurance to the Company’s customers that the products or services meet the specifications in the contract. In the event that there is a warranty claim because of a covered design, material or workmanship issue, the Company may be required to redesign or modify the product, offer concessions, and/or pay the customer for repairs or perform the repair. Provisions for estimated expenses related to design, service, and product warranties and certain extraordinary rework are made at the time products are sold. These costs are accrued at the time of the sale and are recorded as cost of sales. These estimates are established using historical information on the nature, frequency, and the cost experience of warranty claims, including the experience of industry peers. In the case of new development products or new customers, the Company also considers factors including the warranty experience of other entities in the same business, management judgment, and the type and nature of the new product or new customer, among others.

Actual results could differ from those estimates and assumptions.
Research and Development
Research and Development

Research and development includes costs incurred for experimentation, design, and testing that are expensed as incurred.
Cash and Cash Equivalents
Cash and Cash Equivalents

Cash and cash equivalents represent all highly liquid investments with original maturities of three months or less.
Accounts Receivable
Accounts Receivable

Accounts receivable are recorded at the invoiced amount and do not bear interest. Unbilled receivables are recorded on the balance sheet as contract assets, as per ASC 606 guidance. Management assesses and records an allowance for credit losses on financial assets within the scope of ASU 2016-13 using the current expected credit loss (“CECL”) model. The amount necessary to adjust the allowance for credit losses to management’s current estimate, as of the reporting date, on these assets is recorded in net income as credit loss expense. All credit losses reported in accordance with ASU 2016-13 were on trade receivables and/or contract assets arising from the Company’s contracts with customers. See Note 7, Accounts Receivable, net, for more information.
The Company has three agreements to sell, on a revolving basis, certain trade accounts receivable balances with Boeing, Airbus, and Rolls-Royce to a third-party financial institution. These programs were primarily entered into as a result of customers seeking payment term extensions with the Company and continue to allow the Company to monetize the receivables prior to the payment date, subject to payment of a discount. No guarantees are delivered under the agreements. The Company’s ability to continue using such agreements is primarily dependent upon the strength of Boeing’s and Airbus’s financial condition. Transfers under this agreement are accounted for as sales of receivables resulting in the receivables being derecognized from the Company’s balance sheet. For additional information on the sale of receivables see Note 7, Accounts Receivable, net.
Inventory
Inventory
Raw materials are stated at lower of cost (principally on an actual or average cost basis) or net realizable value. Production costs for contracts, including costs expected to be recovered on specific anticipated contracts (work that has commenced because the Company expects the customer to exercise options), are classified as work-in-process and include direct material, labor, overhead, and purchases. Typically, anticipated contracts materialize and the related performance obligations are satisfied within 6-12 months. These costs are evaluated for impairment periodically and capitalized costs for which anticipated contracts do not materialize are written off in the period in which it becomes known. Revenue and related cost of sales are recognized as the performance obligations are satisfied. When the Company experiences abnormal production costs, such as excess capacity costs, the Company will expense the costs in the period incurred and these costs are excluded from inventoriable costs. Valuation reserves for excess, obsolete, and slow-moving inventory are estimated by evaluating inventory of individual raw materials and parts against both historical usage rates and forecasted production requirements. See Note 10, Inventory.
Property, Plant and Equipment
Property, Plant and Equipment

Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is applied using a straight-line method over the useful lives of the respective assets as described in the following table:
 Estimated Useful Life
Land improvements20 years
Buildings45 years
Machinery and equipment3-20 years
Tooling — Airplane program — B787, Rolls-Royce5-20 years
Tooling — Airplane program — all others2-10 years
Capitalized software3-7 years

The Company capitalizes certain costs, such as software coding, installation, and testing, that are incurred to purchase or to create and implement internal-use computer software. The Company’s capitalization policy includes specifications that the software must have a service life greater than one year, is legally and substantially owned by the Company, and has an acquisition cost of greater than $0.1. The Company applies the same criteria for capitalizing implementation costs incurred in a cloud computing arrangement hosted by the vendor.

Where the Company is involved in build-to-suit leasing arrangements, the Company is deemed the owner of the asset for accounting purposes during the construction period of the asset. The Company records the related assets and liabilities for construction costs incurred under these build-to-suit leasing arrangements during the construction period. Upon completion of the asset, the Company considers whether the assets and liabilities qualify for derecognition under the sale-leaseback accounting guidance. See Note 11, Property, Plant and Equipment, net.
Impairment or Disposal of Long-Lived Assets, and Goodwill
Impairment or Disposal of Long-Lived Assets
The Company reviews capital and amortizing intangible assets (long-lived assets) for impairment whenever events or changes in circumstances indicate that the recorded amount may not be recoverable. Assets are classified as either held-for-use or available-for-sale. For held-for-use assets, if indicators are present, the Company performs a recoverability test by comparing the sum of the estimated undiscounted future cash flows attributable to the asset group in question to its carrying amount. If the undiscounted cash flows used in the recoverability test are less than the long-lived asset group’s carrying amount, the Company determines the fair value of the long-lived asset group and recognize an impairment loss if the carrying amount of the long-lived asset group exceeds its fair value. For assets available-for-sale, a loss is recognized when the recorded amount exceeds the fair value less cost to sell.
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activity
The Company uses derivative financial instruments to manage the economic impact of fluctuations in currency exchange rates and interest rates. Derivative financial instruments are recognized on the balance sheet as either assets or liabilities and are measured at fair value. Changes in fair value of derivatives are recorded each period in earnings or accumulated other comprehensive income, depending on whether the Company elected hedge accounting and whether a derivative is effective as part of a hedge transaction, and if it is, the type of hedge transaction. Gains and losses on derivative instruments reported in other comprehensive income are subsequently included in earnings in the periods in which earnings are affected by the hedged item or when the hedge is no longer effective. Cash flows associated with the Company’s derivatives are presented as a component of the operating section of the statement of cash flows. The use of derivatives has generally been limited to interest rate swaps and foreign currency forward contracts. The Company enters into foreign currency forward contracts to reduce the risks associated with the changes in foreign exchange rates on sales and cost of sales denominated in currencies other than the entities’ functional currency
Fair Value of Financial Instruments
Fair Value of Financial Instruments

Financial instruments are measured in accordance with FASB authoritative guidance related to fair value measurements. This guidance clarifies the definition of fair value, prescribes methods for measuring fair value, establishes a fair value hierarchy based on the inputs used to measure fair value, and expands disclosures about fair value measurements. See Note 15, Fair Value Measurements.
Income Taxes
Income Taxes

Income taxes are accounted for in accordance with FASB authoritative guidance on accounting for income taxes. Deferred income tax assets and liabilities are recognized for the future income tax consequences attributable to differences between the financial statement carrying amounts for existing assets and liabilities and their respective tax bases. Tax rate changes impacting these assets and liabilities are recognized in the period during which the rate change occurs.

Deferred tax assets are periodically evaluated to determine their recoverability and whether or not a valuation allowance is necessary. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. When determining the amount of net deferred tax assets that are more likely than not to be realized, the Company assesses all available positive and negative evidence. The weight given to the positive and negative evidence is commensurate with the extent to which the evidence may be objectively verified.

This assessment is completed on a taxing jurisdiction and entity filing basis. Based on these criteria and the relative weighting of both the positive and negative evidence available, and in particular the activity surrounding the Company’s prior earnings history including the forward losses previously recognized in the U.S. and U.K., management determined that it was necessary to establish a valuation allowance against nearly all of its net U.S. and U.K. deferred tax assets at December 31, 2020. This determination was made as the Company entered into a U.S. cumulative loss position during the first half of 2021, as prior period positive earnings fell outside of the three-year measurement period. Additionally, entities of the U.K. operations are in cumulative loss positions after the inclusion of 2023, 2022, and 2021 losses. Once a company anticipates or enters a cumulative three-year loss position, there is a presumption that a company should no longer rely solely on projected future income in determining whether the deferred tax asset is more likely than not to be realized. Changes in the Company’s estimates and judgments regarding realization of deferred tax assets may result in an increase or decrease to tax expense and/or other comprehensive income, which would be recorded in the period in which the change occurs.
The Company records income tax provision or benefit based on the net income earned or net loss incurred in each tax jurisdiction and the tax rate applicable to that income or loss. In the ordinary course of business, there are transactions for which the ultimate tax outcome is uncertain. These uncertainties are accounted for in accordance with FASB authoritative guidance on accounting for the uncertainty in income taxes. The final tax outcome for these matters may be different than management’s original estimates made in determining the income tax provision. A change to these estimates could impact the effective tax rate and net income or loss in subsequent periods. The Company uses the flow-through accounting method for tax credits. Under this method, tax credits reduce income tax expense. See Note 21, Income Taxes, for further discussion.
Stock-Based Compensation and Other Share-based Payments
Stock-Based Compensation and Other Share-Based Payments

Many of the Company’s employees are participants in the Omnibus Incentive Plan of 2014 (as amended, the “Omnibus Plan”). The expense attributable to the Company’s employees is recognized over the period the amounts are earned and vested, as described in Note 20, Stock Compensation. The expense includes an estimate of expected forfeitures, based on historical forfeiture trends.
Business Combinations Policy The Company accounts for business combinations in accordance with ASC Topic 805, Business Combinations. Transaction costs related to business combinations are expensed as incurred. Assets acquired and liabilities assumed are measured and recognized based on their estimated fair values at the acquisition date, any excess of the purchase consideration when compared to the fair value of the net tangible and intangible assets acquired is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires significant judgment, including the amount and timing of expected future cash flows, long-term growth rates and discount rates. In some cases, the Company uses discounted cash flow analyses, which are based on estimates of future sales, earnings and cash flows after considering such factors as general market conditions, customer budgets, existing firm and future orders, changes in working capital, long term business plans and recent operating performance. If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, the business combination is recorded and disclosed on a preliminary basis. Subsequent to the acquisition date, and not later than one year from the acquisition date, adjustments to the initial preliminary recognized amounts are recorded to the extent new information is obtained about the measurement of assets and liabilities that existed as of the date of the acquisition.
Goodwill and Intangible Assets, Goodwill, Policy
The Company assesses goodwill for impairment annually as of the first day of the fourth quarter or more frequently if events or circumstances indicate that the fair value of a reporting unit that includes goodwill may be lower than its carrying value. The Company tests goodwill for impairment by performing a qualitative assessment or quantitative test at the reporting unit level. In performing a qualitative assessment, the Company evaluates company-specific, market and industry, economic, and other relevant factors that may impact the fair value of reporting units or the carrying value of the net assets of the
respective reporting unit. If it is determined that it is more likely than not that the carrying value of the net assets is more than the fair value of the respective reporting unit, then a quantitative test is performed. The Company may in any event opt to bypass the qualitative assessment at the annual assessment date and perform a quantitative assessment. Where the quantitative test is used, the Company compares the carrying value of net assets to the estimated fair value of the respective reporting unit. If the fair value is determined to be less than carrying value, a goodwill impairment loss is recognized for the amount that the carrying amount of the reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit.
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Estimated Useful Life
Property, Plant and Equipment

Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is applied using a straight-line method over the useful lives of the respective assets as described in the following table:
 Estimated Useful Life
Land improvements20 years
Buildings45 years
Machinery and equipment3-20 years
Tooling — Airplane program — B787, Rolls-Royce5-20 years
Tooling — Airplane program — all others2-10 years
Capitalized software3-7 years

The Company capitalizes certain costs, such as software coding, installation, and testing, that are incurred to purchase or to create and implement internal-use computer software. The Company’s capitalization policy includes specifications that the software must have a service life greater than one year, is legally and substantially owned by the Company, and has an acquisition cost of greater than $0.1. The Company applies the same criteria for capitalizing implementation costs incurred in a cloud computing arrangement hosted by the vendor.

Where the Company is involved in build-to-suit leasing arrangements, the Company is deemed the owner of the asset for accounting purposes during the construction period of the asset. The Company records the related assets and liabilities for construction costs incurred under these build-to-suit leasing arrangements during the construction period. Upon completion of the asset, the Company considers whether the assets and liabilities qualify for derecognition under the sale-leaseback accounting guidance. See Note 11, Property, Plant and Equipment, net.
v3.25.0.1
Changes in Estimates Changes in Estimate (Tables)
 12 Months Ended
Dec. 31, 2024
Change in Accounting Estimate [Line Items]  
Schedule of Change in Accounting Estimate [Table Text Block]
Changes in EstimatesDecember 31, 2024December 31, 2023December 31, 2022
(Unfavorable) Favorable Cumulative Catch-up Adjustments by Segment
Commercial$(83.5)$(45.6)$(30.1)
Defense & Space21.1 (10.6)2.4 
Aftermarket— — — 
Total (Unfavorable) Favorable Cumulative Catch-up Adjustments
$(62.4)$(56.2)$(27.7)
(Forward Loss) and Changes in Estimates on Loss Programs by Segment
Commercial$(1,328.9)$(234.0)$(243.9)
Defense & Space(37.3)(30.7)(6.4)
Aftermarket— — — 
Total (Forward Loss) and Changes in Estimates on Loss Program
$(1,366.2)$(264.7)$(250.3)
Total Changes in Estimates
$(1,428.6)$(320.9)$(278.0)
EPS Impact (diluted per share based upon statutory tax rate)
$(12.22)$(3.12)$(2.68)
v3.25.0.1
Accounts Receivable, net (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Accounts Receivable, Net
Accounts receivable, net consists of the following:

December 31,
2024		December 31,
2023
Trade receivables$371.9 $555.8 
Other33.2 42.0 
Less: allowance for credit losses(9.8)(12.3)
Accounts receivable, net$395.3 $585.5 
v3.25.0.1
Revenue Disaggregation and Outstanding Performance Obligations (Tables)
 12 Months Ended
Dec. 31, 2024
Disaggregation of Revenue [Line Items]  
Disaggregation of Revenue [Table Text Block]
The following table disaggregates revenues by the method of performance obligation satisfaction:

 For the Twelve Months Ended
RevenueDecember 31,
2024		December 31,
2023
Contracts with performance obligations satisfied over time$4,519.8 $4,368.7 
Contracts with performance obligations satisfied at a point in time1,796.8 1,679.2 
Total Revenue$6,316.6 $6,047.9 
The following table disaggregates revenue by major customer:

For the Twelve Months Ended
CustomerDecember 31,
2024		December 31,
2023
Boeing$3,693.1 $3,847.1 
Airbus1,334.9 1,144.6 
Other1,288.6 1,056.2 
Total net revenues$6,316.6 $6,047.9 

The following table disaggregates revenue based upon the location where control of products are transferred to the customer:

For the Twelve Months Ended
LocationDecember 31,
2024		December 31,
2023
United States$4,811.0 $4,667.1 
International 
United Kingdom649.7 582.5 
Other855.9 798.3 
Total International1,505.6 1,380.8 
Total Revenue$6,316.6 $6,047.9 
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] .  Revenue Disaggregation and Outstanding Performance Obligations
Disaggregation of Revenue

The Company disaggregates revenue based on the method of measuring satisfaction of the performance obligation either over time or at a point in time. Additionally, the Company disaggregates revenue based upon the location where products and services are transferred to the customer, and based upon major customer. The Company’s principal operating segments and related revenue are noted in Note 28, Segment and Geographical Information.

The following table disaggregates revenues by the method of performance obligation satisfaction:

 For the Twelve Months Ended
RevenueDecember 31,
2024		December 31,
2023
Contracts with performance obligations satisfied over time$4,519.8 $4,368.7 
Contracts with performance obligations satisfied at a point in time1,796.8 1,679.2 
Total Revenue$6,316.6 $6,047.9 
The following table disaggregates revenue by major customer:

For the Twelve Months Ended
CustomerDecember 31,
2024		December 31,
2023
Boeing$3,693.1 $3,847.1 
Airbus1,334.9 1,144.6 
Other1,288.6 1,056.2 
Total net revenues$6,316.6 $6,047.9 

The following table disaggregates revenue based upon the location where control of products are transferred to the customer:

For the Twelve Months Ended
LocationDecember 31,
2024		December 31,
2023
United States$4,811.0 $4,667.1 
International 
United Kingdom649.7 582.5 
Other855.9 798.3 
Total International1,505.6 1,380.8 
Total Revenue$6,316.6 $6,047.9 

Remaining Performance Obligations

Unsatisfied, or partially unsatisfied, performance obligations currently under contract that are expected to be recognized to revenue in the future are noted in the table below. The Company expects options to be exercised in addition to the amounts presented below.

2025202620272028 and After
Unsatisfied performance obligations$5,125.9 $5,130.4 $3,638.0 $342.3 
v3.25.0.1
Inventory (Tables)
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Summary Of Inventories
December 31, 2024December 31, 2023
Raw materials$468.7 $414.4 
Work-in-process (1)
1,333.7 1,283.7 
Finished goods71.0 48.4 
Product inventory1,873.4 1,746.5 
Capitalized pre-production18.3 20.8 
Total inventory, net$1,891.7 $1,767.3 

(1)Work-in-process inventory includes direct labor, direct material, and overhead on contracts for which revenue is recognized at a point in time, as well as sub-assembly parts that have not been issued to production on contracts for which revenue is recognized over time using the input method. For the periods ended December 31, 2024 and December 31, 2023, work-in-process inventory includes $491.8 and $262.0, respectively, of costs incurred in anticipation of specific contracts and no impairments were recorded in the period.

Product inventory, summarized in the table above, is shown net of valuation reserves of $161.5 and $150.2 as of December 31, 2024 and December 31, 2023, respectively.
Excess capacity and abnormal production costs are excluded from inventory and recognized as expense in the period incurred. Cost of sales for the twelve months ended December 31, 2024 includes $196.5 of excess capacity production costs related to temporary B737 MAX and A220 production schedule changes and $0.7 of restructuring costs included in the Consolidated Statements of Operations. Cost of sales for the twelve months ended December 31, 2023 includes $184.1 of excess capacity production costs related to temporary B737 MAX, A220, and A320 production schedule changes. Additional expenses that were excluded from inventory and expensed in 2023 were abnormal production costs of $8.3 related to the temporary production pause, and ($2.4) of benefit related to the settlement of a contingent consideration obligation related to the Applied Aerodynamics acquisition, which are both included in Other operating expense, and $7.2 of restructuring costs included in the Consolidated Statements of Operations.
v3.25.0.1
Property, Plant and Equipment, net (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, Net
Property, plant and equipment, net consists of the following:
December 31, 2024December 31, 2023
Land$28.8 $30.5 
Buildings (including improvements)1,315.7 1,307.6 
Machinery and equipment2,513.3 2,460.6 
Tooling1,033.3 1,064.8 
Capitalized software341.5 338.4 
Construction-in-progress154.5 119.0 
Total5,387.1 5,320.9 
Less: accumulated depreciation(3,439.2)(3,236.7)
Property, plant and equipment, net$1,947.9 $2,084.2 
v3.25.0.1
Other Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Finite-Lived Intangible Assets
Intangible assets are summarized as follows:

December 31,
2024		December 31,
2023
Intangible assets
Favorable leasehold interests$2.8 $2.8 
Developed technology asset
62.0 103.1 
Customer relationships intangible assets
137.2 139.6 
Total intangible assets$202.0 $245.5 
Accumulated amortization - favorable leasehold interest(2.2)(2.1)
 Accumulated amortization - developed technology asset(17.2)(21.9)
 Accumulated amortization - customer relationships(33.1)(25.3)
Intangible assets, net$149.5 $196.2 

Amortization expense was $15.2 and $15.2 for the twelve months ended December 31, 2024 and 2023, respectively.

The Company’s policy is to use straight-line amortization on the amortizing intangible assets. The amortization for each of the five succeeding years relating to intangible assets currently recorded in the Consolidated Balance sheet and the weighted average amortization is estimated to be the following as of December 31, 2024:

YearFavorable leasehold interestDeveloped TechnologyCustomer RelationshipsTotal
2025$0.1 $4.1 $8.1 $12.3 
2026$0.1 $4.1 $8.1 $12.3 
2027$0.1 $4.1 $8.1 $12.3 
2028$0.1 $4.1 $8.1 $12.3 
2029$0.1 $4.1 $7.7 $11.9 
Weighted average amortization period4.510.813.512.7
Other Assets
Other current assets are summarized as follows:

December 31,
2024		December 31,
2023
Prepaid expenses$41.4 $34.8 
Income tax receivable6.6 5.3 
Other assets- short term10.0 12.4 
Total other current assets$58.0 $52.5 

Other assets are summarized as follows:

December 31,
2024		December 31,
2023
Supply agreements (1)
$0.7 $3.5 
Equity in net assets of affiliates0.9 0.8 
Restricted cash - collateral requirements29.5 22.3 
Rotables43.0 44.0 
Bond collateral
11.2 — 
Other19.9 29.3 
Total$105.2 $99.9 
v3.25.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Carrying Amount And Estimated Fair Value Of Long Term Debt
 December 31, 2024 December 31, 2023 
 Carrying
Amount		Fair
Value		 Carrying
Amount		Fair
Value		 
Senior secured term loan B (including current portion)$570.1 $577.6 
(2)
$571.0 $573.1 
(2)
Delayed-draw bridge loan
347.9 347.9 
(1)
— — 
(1)
Exchangeable senior notes due 2028
223.6 310.4 
(2)
222.2 292.6 
(2)
Senior notes due 2025
20.8 20.5 
(1)
20.8 20.7 
(1)
Senior secured notes due 2026
299.5 292.4 
(1)
299.1 288.0 
(1)
Senior notes due 2028697.3 661.7 
(1)
696.6 616.8 
(1)
Senior secured first lien notes due 2029
889.9 953.1 
(1)
888.4 973.0 
(1)
Senior secured second lien notes due 2030
1,181.9 1,308.9 
(1)
1,180.0 1,273.1 
(1)
Total$4,231.0 $4,472.5  $3,878.1 $4,037.3  

(1)Level 1 Fair Value hierarchy
(2)Level 2 Fair Value hierarchy
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Long Term Debt And Capital Lease Obligations Current And Non Current
Total debt shown on the balance sheet is comprised of the following:
v3.25.0.1
Pension and Other Post-Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Defined Contribution Plan Disclosure [Line Items]  
Multiemployer Plan Table
Multi-employer Pension Plan

In connection with the collective bargaining agreement signed with the International Association of Machinists and Aerospace Workers (“IAM”), the Company contributes to a multi-employer defined benefit pension plan (“IAM National Pension Fund”). There are two IAM collective bargaining agreements. Under the first IAM agreement, the level of contribution, as specified in the bargaining agreement was, in whole dollars, $1.95 per hour of employee service as of July 1, 2019. Effective July 1, 2023 the level of employer contribution increased to $2.00 per hour. This IAM bargaining agreement provides for a $0.05 per hour increase, in whole dollars, effective July 1 of each year through 2025. This IAM contract expires June 20, 2027. Under the second IAM agreement, the level of contributions, as specified in the bargaining agreement was, in whole dollars, $0.75 per hour of employee service as of July 1, 2022. Effective July 1, 2023 the level of employer contribution increased to $0.80 per hour. This IAM bargaining agreement provides for a $0.05 per hour increase, in whole dollars effective July 1, 2025 and 2027. This IAM contract expires November 13, 2027.

The collective bargaining agreement with the United Automobile, Aerospace and Agricultural Workers of America (“UAW”) requires the Company to contribute a specified amount per hour of service to the IAM National Pension Fund. Per the negotiated UAW collective bargaining agreement, the pension contributions, in whole dollars, was $1.75 per hour effective January 1, 2020 and will remain at $1.75 per hour through contract expiration. The UAW contract expires December 7, 2025.

The risk of this multi-employer plan is different from single-employer plans in the following aspects:

1.Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers.

2.If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.
3.If the Company chooses to stop participating in the multi-employer plan, the Company may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability.

The following table summarizes the multi-employer plan to which the Company contributes. Unless otherwise noted, the most recent Pension Protection Act (PPA) zone status available in 2023 and 2024 is for the plan’s year-end at December 31, 2023, and December 31, 2024, respectively. The zone status is based on information received from the plan.

  Pension Protection Act Zone Status     Expiration
Date of
Collective-
Bargaining
Agreement
  FIP/RP
Status
Pending/
Implemented		Contributions of the Company 
 EIN/Pension
Plan Number		Surcharge
Imposed
Pension Fund20232024202220232024
IAM National Pension Fund51-60321295RedRedYes$27.2 $42.1 $38.1 Yes
IAM June 20, 2027, November 13, 2027
UAW December 7, 2025
Pension Fund
Year Company Contributions to Plan Exceeded More Than 5 Percent of
Total Contributions (as of December 31 of the Plan’s Year-End)
IAM National Pension Fund
2022, 2023, 2024
Change in projected benefit obligations
Obligations and Funded Status

The following tables reconcile the funded status of both pension and post-retirement medical benefits to the balance on the balance sheets for the fiscal years 2024 and 2023. Benefit obligation balances presented in the tables reflect the projected
benefit obligation and accumulated benefit obligation for the Company’s pension plans, and accumulated post-retirement benefit obligations for the Company’s post-retirement medical plan. The Company uses an end of fiscal year measurement date of December 31 for the Company’s U.S. pension and post-retirement medical plans. Plan amendments for the period ended December 31, 2023 are related to the change in eligibility requirements under the collective bargaining agreement with IAM.

 Pension BenefitsOther Post-Retirement
Benefits
 Periods Ended December 31,Periods Ended December 31,
U.S. Plans2024202320242023
Change in projected benefit obligation:    
Beginning balance$1.0 $493.3 $36.9 $33.1 
Service cost— — 0.5 0.6 
Employee contributions— — 0.6 0.9 
Interest cost— 2.6 1.5 1.5 
Actuarial (gains) losses — 16.5 (0.8)(0.5)
Plan Amendments— — — 9.1 
Plan Settlements— (501.7)— — 
Benefits paid(0.1)(9.7)(8.9)(7.8)
Projected benefit obligation at the end of the period$0.9 $1.0 $29.8 $36.9 
Assumptions used to determine benefit obligation:    
Discount rate5.49 %4.94 %5.02 %4.75 %
Rate of compensation increaseN/AN/AN/AN/A
Medical assumptions:  
Trend assumed for the yearN/AN/A6.29 %6.77 %
Ultimate trend rateN/AN/A4.00 %4.00 %
Year that ultimate trend rate is reachedN/AN/A
2048
2048
Change in fair value of plan assets:  
Beginning balance$— $670.3 $— $— 
Actual return on assets
— 31.0 — — 
Employer contributions to plan0.1 (189.9)8.3 7.0 
Employee contributions to plan— — 0.6 0.8 
Plan Settlements— (501.7)— — 
Benefits paid(0.1)(9.7)(8.9)(7.8)
Ending balance$— $— $— $— 
Reconciliation of funded status to net amounts recognized:    
Funded status (deficit)$(0.9)$(1.0)$(29.8)$(36.9)
Net amounts recognized$(0.9)$(1.0)$(29.8)$(36.9)
Amounts recognized in the balance sheet:   
Noncurrent assets$— $— — — 
Current liabilities(0.1)(0.1)(6.1)(7.8)
Noncurrent liabilities(0.8)(0.9)(23.7)(29.1)
Net amounts recognized$(0.9)$(1.0)$(29.8)$(36.9)
Amounts not yet reflected in net periodic benefit cost and included in AOCI:    
Accumulated other comprehensive (loss) income$(0.1)$(0.2)$5.4 $5.4 
Cumulative employer contributions in excess of net periodic benefit cost(0.8)(0.8)(35.2)(42.3)
Net amount recognized in the balance sheet$(0.9)$(1.0)$(29.8)$(36.9)
Information for pension plans with benefit obligations in excess of plan assets:   
Projected benefit obligation$0.9 $1.0 $29.8 $36.9 
Accumulated benefit obligation$0.9 $1.0 $— $— 
The U.S. based defined benefit plans utilize a cash balance based formula for a subset of the plan participants. The weighted-average interest crediting rates used to determine the benefit obligation and net periodic benefit cost for all future years is 5.49%.
 Pension Benefits
 Periods Ended December 31,
U.K. Prestwick Plan20242023
Change in projected benefit obligation:  
Beginning balance$37.7 $35.5 
Service cost1.0 0.8 
Interest cost1.8 1.7 
Plan amendments— — 
Actuarial gains(4.2)(0.2)
Benefits paid(1.1)(1.2)
Expense paid(1.0)(0.8)
Exchange rate changes(0.6)1.9 
Projected benefit obligation at the end of the period$33.6 $37.7 
Assumptions used to determine benefit obligation:  
Discount rate5.60 %4.80 %
Rate of compensation increaseN/AN/A
Change in fair value of plan assets:
Beginning balance$46.1 $44.1 
Actual (loss) return on assets
(4.9)1.6 
Company contributions1.0 — 
Plan settlements— — 
Expenses paid(1.0)(0.8)
Benefits paid(1.1)(1.2)
Exchange rate changes(0.7)2.4 
Ending balance$39.4 $46.1 
Reconciliation of funded status to net amounts recognized:  
Funded status5.8 8.4 
Net amounts recognized$5.8 $8.4 
Amounts recognized in the balance sheet:  
Noncurrent assets$5.8 $8.4 
Noncurrent liabilities— — 
Net amounts recognized$5.8 $8.4 
Amounts not yet reflected in net periodic benefit cost and included in AOCI:  
Accumulated other comprehensive income(13.1)(10.6)
Cumulative employer contributions in excess of net periodic benefit cost
18.9 19.0 
Net amount recognized in the balance sheet$5.8 $8.4 
Information for pension plans with benefit obligations in excess of plan assets:  
Projected benefit obligation$— $— 
Accumulated benefit obligation— — 
Fair value of assets$— $— 
Pension BenefitsOther
Post-Retirement
Benefits
Periods Ended December 31,Periods Ended December 31,
U.K Belfast Plans2024202320242023
Change in projected benefit obligation:
Beginning balance$1,491.6 $1,407.6 $0.2 $0.3 
Service cost2.1 1.6 — — 
Expenses paid(2.1)(1.6)— — 
Interest cost69.5 71.4 — — 
Actuarial gains(139.1)(4.4)— — 
Exchange rate changes(22.4)75.7 — — 
Benefits paid(62.0)(58.7)— — 
Other
— — — (0.1)
Projected benefit obligation at the end of the period$1,337.6 $1,491.6 $0.2 $0.2 
Assumptions used to determine benefit obligation:
Discount rate5.57 %4.78 %5.57 %4.78 %
Rate of compensation increaseN/AN/AN/AN/A
Medical assumptions:
Trend assumed for the yearN/AN/A6.75 %6.50 %
Ultimate trend rateN/AN/A6.75 %6.50 %
Year that ultimate trend rate is reachedN/AN/AN/AN/A
Change in fair value of plan assets:
Beginning balance$1,516.7 $1,417.8 $— $— 
Actual (loss) return on assets(50.0)80.8 — — 
Employer contributions to plan1.9 1.9 — — 
Benefits paid(62.0)(58.7)— — 
Exchange rate changes(23.3)76.5 — — 
Expenses paid(2.1)(1.6)— — 
Ending balance$1,381.2 $1,516.7 $— $— 
Reconciliation of funded status to net amounts recognized:
Funded status (deficit)$43.6 $25.1 $(0.2)$(0.2)
Net amounts recognized$43.6 $25.1 $(0.2)$(0.2)
Amounts recognized in the balance sheet:
Noncurrent assets43.6 25.1 — — 
Current liabilities— — — — 
Noncurrent liabilities— — (0.2)(0.2)
Net amounts recognized$43.6 $25.1 $(0.2)$(0.2)
Amounts not yet reflected in net periodic benefit cost and included in AOCI:
Accumulated other comprehensive (loss) income$7.0 $3.3 $0.3 $0.4 
Cumulative employer contributions in excess of net periodic benefit cost36.6 21.8 (0.5)(0.6)
Net amount recognized in the balance sheet$43.6 $25.1 $(0.2)$(0.2)
Information for pension plans with benefit obligations in excess of plan assets:
Projected benefit obligation$— $— $0.2 $0.2 
Accumulated benefit obligation— — — — 
Fair value of assets— — — — 
Annual Expense
Annual Expense

The components of pension and other post-retirement benefit plans expense for the U.S. plans and the assumptions used to determine benefit obligations for each of the periods ended December 31, 2024, 2023, and 2022 are as follows:

 Pension BenefitsOther Post-Retirement Benefits
 Periods Ended
December 31,		Periods Ended
December 31,
U.S. Plans202420232022202420232022
Components of net periodic benefit cost (income):      
Service cost$— $— $— $0.5 $0.6 $0.7 
Interest cost— 2.6 20.8 1.5 1.5 0.6 
Expected return on plan assets— (1.6)(44.0)— — — 
Amortization of net (gain) loss— 0.1 — (2.2)(1.7)(1.0)
Amortization of prior service costs(1)
— — 73.5 1.4 (0.8)(0.8)
Settlement loss recognized(2)
— 59.6 33.3 — — — 
Net periodic benefit cost (income)— 60.7 83.6 1.2 (0.4)(0.5)
Other changes recognized in OCI:      
Total recognized in other OCI (income) loss$— $(72.5)$124.4 $— $11.2 $(0.4)
Total recognized in other net periodic benefit and OCI loss (income)$— $(11.8)$208.0 $1.2 $10.8 $(0.9)
Assumptions used to determine net periodic benefit costs:      
Discount rate4.94 %5.22 %2.72 %4.75 %5.03 %1.96 %
Expected return on plan assetsN/AN/A4.00 %N/AN/AN/A
Salary increasesN/AN/AN/AN/AN/AN/A
Medical Assumptions:      
Trend assumed for the yearN/AN/AN/A6.77 %7.25 %7.00 %
Ultimate trend rateN/AN/AN/A4.00 %4.00 %4.50 %
Year that ultimate trend rate is reachedN/AN/AN/A
2048
2048
2047

(1) Due to a plan amendment related to a benefit enhancement, prior service cost amortization of $73.5 was recorded to Other (expense) income during the year ended December 31, 2022.
(2) Due to settlement accounting during the fiscal years ending 2023, and 2022, the Company recognized charges of $59.6, and $33.3, respectively, that were recorded to Other (expense) income.

The Company records the service component of net periodic benefit cost in operating profit and the non-service components of net periodic benefit cost (i.e., interest cost, expected return on plan assets, amortization of prior service cost, special termination benefits, and net actuarial gains or losses) as part of non-operating income.

The components of the pension benefit plan expense for the U.K. plans and the assumptions used to determine benefit obligations for each of the periods ended December 31, 2024, 2023, and 2022 are as follows:
 Pension Benefits
 Periods Ended
December 31,
U.K. Prestwick Plan202420232022
Components of net periodic benefit cost (income):   
Service cost$1.0 $0.8 $1.7 
Interest cost1.8 1.7 1.1 
Expected return on plan assets(2.2)(2.2)(1.7)
Amortization of net loss
0.2 0.2 — 
Settlement gain (loss)— — 0.6 
Net periodic benefit cost (income)$0.8 $0.5 $1.7 
Other changes recognized in OCI:   
Total cost (income) recognized in OCI$2.5 $0.6 $13.9 
Total recognized in net periodic benefit cost and OCI$3.3 $1.1 $15.6 
Assumptions used to determine net periodic benefit costs:   
Discount rate4.80 %4.90 %1.75 %
Expected return on plan assets4.90 %4.90 %2.00 %
Salary increasesN/A3.35 %3.50 %

The components of the pension benefit plan expense for the Belfast plans and the assumptions used to determine benefit obligations for each of the periods ended December 31, 2024, 2023, and 2022 are as follows:

Pension BenefitsOther Post-Retirement Benefits
Periods Ended
December 31,		Periods Ended
December 31,
U.K. Belfast Plans202420232022202420232022
Components of net periodic benefit cost (income):
Service cost$2.1 $1.6 $1.3 $— $— $— 
Interest cost69.5 71.4 39.9 — — — 
Expected return on plan assets(85.2)(78.6)(92.0)— — — 
Amortization of net (gain) loss— — — (0.1)(0.1)— 
Net periodic benefit (income) cost$(13.6)$(5.6)$(50.8)$(0.1)$(0.1)$— 
Other changes recognized in OCI:
Total (income) recognized in OCI$(3.7)$(6.4)$24.7 $0.1 $— $(0.4)
Total recognized in net periodic benefit cost and OCI$(17.3)$(12.0)$(26.1)$— $(0.1)$(0.4)
Assumptions used to determine net periodic benefit costs:
Discount rate4.78 %4.96 %1.80 %4.78 %4.96 %1.80 %
Expected return on plan assets5.70 %5.50 %4.10 %N/AN/AN/A
Salary increasesN/AN/AN/AN/AN/AN/A
Medical Assumptions:
Trend assumed for the yearN/AN/AN/A6.50 %5.95 %5.75 %
Ultimate trend rateN/AN/AN/A6.50 %5.95 %5.75 %
Year that ultimate trend rate is reachedN/AN/AN/AN/AN/AN/A
Assumptions

The Company sets the discount rate assumption annually for each of its retirement-related benefit plans as of the measurement date, based on a review of projected cash flow and a long-term high-quality corporate bond yield curve. The discount rate determined on each measurement date is used to calculate the benefit obligation as of that date, and is also used to calculate the net periodic benefit (income)/cost for the upcoming plan year. During 2015, the mortality assumption for the U.S. plans was updated to Mercer’s MRP-2007 generational mortality tables for non-annuitants and Mercer’s MILES-2010 generational tables for the Auto, Industrial Goods and Transportation group for annuitants both reflecting Mercer’s MMP-2007 improvement scale. In 2018, the Company incorporated the MMP-2018 improvement scale. MMP-2018 is a Mercer-developed scale that uses the same basic model as the Society of Actuaries MP-2018 scale, but with different parameters and adjustments for actual experience since 2006. In 2019, the Company incorporated the MMP-2019 improvement scale which was utilized in 2020. In 2021, the Company incorporated the MMP-2021 improvement scale. MMP-2021 is a Mercer-developed scale that uses the same basic model as the Society of Actuaries MP-2019 scale, but with different parameters and adjustments for actual experience since 2006. A blue collar adjustment is reflected for the hourly union participants and a white collar adjustment is reflected for all other participants. Actuarial gains and losses are amortized using the corridor method. The gain/loss corridor is equal to 10% of the greater of the benefit obligation and the fair value of assets. Gains and losses in excess of the corridor are generally amortized over the average future lifetimes of all participants. For those plans where active participants continue to accrue benefits, the amortization period is the expected future service for the remaining active participants.

The pension expected return on assets assumption is derived from the long-term expected returns based on the investment allocation by class specified in the Company’s investment policy. The expected return on plan assets is a component of the net periodic benefit (income)/cost of the upcoming plan year and is determined on each measurement date using the expected return on assets assumption and the fair value of assets.

Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. To determine the health care cost trend rates the Company considers national health trends and adjusts for its specific plan design and locations. The trend and aging assumptions were updated during 2016 to reflect more current trends. These assumptions were reviewed in 2024 based on a review of updated national health trends.
U.K. Plans Investment Objecives
U.K. Prestwick Plan

The Trustee’s investment objective is to ensure that they can meet their obligation to the beneficiaries of the Plan. An additional objective is to achieve a return on the total Plan, which is compatible with the level of risk considered appropriate. The overall benchmark allocation of the Plan’s assets is:

Equity securities
15 – 17%
Debt securities
82 - 84%
Property
1%
Asset Category U.K.
The Plan has asset allocations as of December 31, 2024 and December 31, 2023, as follows:
20242023
Asset Category — U.K. Prestwick  
Equity securities18 %15 %
Debt securities82 %80 %
Other— %5 %
Total100 %100 %
Total Benefits Expected To Be Paid Over Next Ten Years
The total benefits expected to be paid over the next ten years from the plans’ assets or the assets of the Company, by country, are as follows:

U.S.Pension PlansOther
Post-Retirement
Benefit Plans
2025$0.1 $6.1 
2026$0.1 $5.9 
2027$0.1 $5.6 
2028$0.1 $4.9 
2029$0.1 $3.9 
2030-2034
$0.4 $7.7 
U.K. PrestwickPension Plans
2025$1.0 
2026$1.2 
2027$1.5 
2028$1.6 
2029$1.7 
2030-2034
$9.7 

U.K. BelfastPension PlansOther
Post-Retirement
Benefit Plans
2025$55.9 $— 
2026$61.2 $— 
2027$65.6 $— 
2028$72.2 $— 
2029$77.3 $— 
2030-2034
$443.7 $0.1 
Pension Plan Assets Measured at Fair Value on a Recurring Basis
Fair Value Measurements

The pension plan assets are valued at fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The following is a description of the valuation methodologies used for the investments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy.

Temporary Cash Investments — These investments consist of U.S. dollars and foreign currencies held in master trust accounts. Foreign currencies held are reported in terms of U.S. dollars based on currency exchange rates readily available in active markets. These temporary cash investments are classified as level 1 investments.

Collective Investment Trusts — These investments are public investment vehicles valued using market prices and performance of the fund. The trust allocates notional units to the policy holder based on the underlying notional unit buy (offer) price using the middle market price plus transaction costs. These investments are classified within level 2 of the valuation hierarchy. In addition, the collective investment trust includes a real estate fund, which is classified within level 3 of the valuation hierarchy.

Equity and Bond Funds — Domestic and international equity or fixed income securities as well as commingled equity or bond funds categorized as Level 1 are traded on active national and international exchanges and are valued at their closing prices on the last trading day of the year. For equity securities not traded on an active exchange, or if the closing price is not available, the trustee obtains indicative quotes from a pricing vendor, broker or investment manager. These securities are categorized as Level 2 if the custodian obtains corroborated quotes from a pricing vendor or categorized as Level 3 if the custodian obtains uncorroborated quotes from a broker or investment manager. The closed-ended private infrastructure equity fund is classified within level 3 of the valuation hierarchy.
As of December 31, 2024 and December 31, 2023, the pension plan assets measured at fair value on a recurring basis were as follows:

  At December 31, 2024 Using
DescriptionDecember 31, 2024 TotalQuoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Temporary Cash Investments$40.5 $40.5 $— $— 
Collective Investment Trusts38.9 — 38.9 — 
Equity and Bond Funds
1,326.8 552.8 772.1 1.9 
$1,406.2 $593.3 $811.0 $1.9 

  At December 31, 2023 Using
DescriptionDecember 31, 2023 TotalQuoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Temporary Cash Investments$126.9 $126.9 $— $— 
Collective Investment Trusts45.7 — 44.3 1.4 
Equity and Bond Funds
1,375.4 583.2 791.0 1.2 
$1,548.0 $710.1 $835.3 $2.6 

The table below sets forth a summary of changes in the fair value of the Plan’s level 3 investment assets and liabilities for the years ended December 31, 2024 and December 31, 2023:

 December 31, 2024
DescriptionBeginning
Fair Value		PurchasesGain (Loss)Sales,
Maturities,
Settlements, Net		Exchange
rate		Ending Fair
Value
Collective Investment Trusts$1.4 $— $(1.4)$— $— $— 
Equity and Bond Funds
$1.2 $— $(0.6)$1.3 $— $1.9 
$2.6 $— $(2.0)$1.3 $— $1.9 

 December 31, 2023
DescriptionBeginning
Fair Value		PurchasesGain (Loss)Sales,
Maturities,
Settlements, Net		Exchange
rate		Ending Fair
Value
Collective Investment Trusts$1.5 $— $(0.2)$— $0.1 $1.4 
Equity and Bond Funds
$— $— $— $1.2 $— $1.2 
$1.5 $— $(0.2)$1.2 $0.1 $2.6 
Pension and Other Post Retirement Benefits Plans Belfast Investment Objectives
The Trustees’ investment objective is to ensure that they can meet their obligation to the beneficiaries of the Plans. An additional objective is to achieve a return on the total Plan, which is compatible with the level of risk considered appropriate. The overall benchmark allocation of the Plan’s assets is:

Liquid growth
40 %
Illiquid growth
3 %
Liability driven investments
57 %
v3.25.0.1
Stock Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] .   Stock Compensation
Holdings has established the stockholder-approved 2014 Omnibus Incentive Plan, as amended (the “Omnibus Plan”) to grant cash and equity awards to certain individuals. Compensation values are based on the value of Holdings’ Common Stock on the grant date, which is added to equity and charged to period expense. The Company’s Omnibus Plan was amended in October 2019 to allow for participants to make tax elections with respect to their equity awards.

Holdings has recognized a net total of $36.1, $26.8, and $36.6 of stock compensation expense for the twelve months ended December 31, 2024, 2023, and 2022, respectively.

As part of the separation agreement with the former President and Chief Executive Officer of the Company, the requirement to be employed by the Company through the applicable vesting date was waived for 91,978 previously issued time- based restricted stock units. This modification resulted in a decrease of $1.0 of stock compensation expense due to the decrease in the fair value of the modified awards in the twelve months ended December 31, 2023.

0 and 22,594 shares of Common Stock with aggregate grant date fair value of $0.0 and $0.6 were granted, and vested immediately, to employees in connection with the ratification of new labor contracts during the twelve months ended December 31, 2024 and 2023, respectively.

Short-Term Incentive Plan

The Short-Term Incentive Program under the Omnibus Plan enables eligible employees to receive incentive benefits in the form of cash as determined by the Compensation Committee.

Board of Directors Stock Awards

The Company’s Omnibus Plan provides non-employee directors the opportunity to receive grants of restricted shares of Common Stock, or Restricted Stock Units (“RSUs”) or a combination of both Common Stock and RSUs. The Common Stock grants and RSU grants vest one year from the grant date subject to the director’s compliance with the one-year service
condition; however, the RSU grants are not payable until the director’s separation from service. The Board of Directors is authorized to make discretionary grants of shares or RSUs from time to time. Compensation values are based on the value of Holdings’ Common Stock on the grant date, which is added to equity and charged to period expense.

The Company expensed a net amount of $2.0, $2.0, and $1.6 for the restricted shares of Common Stock and RSUs for the twelve months ended December 31, 2024, 2023, and 2022, respectively. As of December 31, 2024, the Company’s unamortized stock compensation related to these restricted shares of Common Stock and RSUs is $0.7, which will be recognized over a weighted average remaining period of 4 months. The intrinsic value of the unvested restricted shares of Common Stock and RSUs, based on the value of the Company’s stock at December 31, 2024, was $2.1, based on the value of the Company’s Common Stock and the number of unvested shares of restricted Common Stock and RSUs.
 Shares
Value(1)
 Class AClass A
 (Thousands) 
Board of Directors Stock Grants  
Nonvested at December 31, 202136 $1.6 
Granted during period68 2.2 
Vested during period(41)(1.8)
Forfeited during period— — 
Nonvested at December 31, 202263 $2.0 
Granted during period81 2.0 
Vested during period(63)(2.0)
Forfeited during period— — 
Nonvested at December 31, 202381 $2.0 
Granted during period61 2.0 
Vested during period(82)(2.0)
Forfeited during period— — 
Nonvested at December 31, 202460 $2.0 

(1)Value represents grant date fair value.
 Shares
Value(1)
 Common StockCommon Stock
 (Thousands) 
Long-Term Incentive Plan/Long-Term Incentive Award under Omnibus Plan  
Nonvested at December 31, 20211,402 $68.9 
Granted during period839 46.0 
Vested during period(396)(20.6)
Forfeited during period(142)(11.6)
Nonvested at December 31, 20221,703 $82.7 
Granted during period1,694 49.7 
Vested during period(494)(23.8)
Forfeited during period(824)(38.6)
Nonvested at December 31, 20232,079 $70.0 
Granted during period1,204 40.1 
Vested during period(1,319)(47.6)
Forfeited during period(484)(20.7)
Nonvested at December 31, 20241,480 $41.8 

(1)Value represents grant date fair value.
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
202420232022
U.S. $(1,581.3)$(329.7)$(467.2)
International(560.3)(263.6)(72.2)
Total (before equity earnings)$(2,141.6)$(593.3)$(539.4)
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
202420232022
Current   
Federal$0.1 $1.4 $(4.5)
State(11.0)— (0.7)
Foreign4.2 2.7 1.7 
Total current$(6.7)$4.1 $(3.5)
Deferred 
Federal$2.0 $11.1 $10.2 
State(1.5)3.2 2.5 
Foreign3.8 4.1 (4.0)
Total deferred4.3 18.4 8.7 
Total income tax provision (benefit)$(2.4)$22.5 $5.2 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
202420232022
Tax at U.S. Federal statutory rate$(449.7)21.0 %$(124.6)21.0 %$(113.3)21.0 %
State income taxes, net of Federal benefit(51.1)2.4 (6.4)1.1 (9.6)1.8 
State income tax credits, net of Federal benefit(1.4)— (8.6)1.4 (15.6)2.9 
Foreign rate differences(25.5)1.2 (12.1)2.0 (3.5)0.6 
Research and experimentation(4.8)0.2 (4.2)0.7 (5.2)1.0 
Excess tax benefits— — 0.9 (0.2)0.4 (0.1)
Non-deductible expenses10.2 (0.5)17.2 (2.9)4.2 (0.8)
Re-measurement of Deferred Taxes0.8 — (9.0)1.5 (7.1)1.3 
Global Intangible Low-Taxed Income (GILTI) Tax— — — — (1.8)0.3 
Valuation Allowance514.3 (24.0)154.5 (26.0)170.6 (31.6)
Previously unrecognized tax benefit2.1 (0.1)(0.3)0.1 (10.6)2.0 
Other2.7 (0.1)15.1 (2.5)(3.3)0.6 
Total income tax provision (benefit)$(2.4)0.1 %$22.5 (3.8)%$5.2 (1.0)%
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
20242023
Depreciation and amortization$(45.4)$(87.7)
Long-term contracts(39.0)125.3 
State income tax credits143.6 154.1 
Net operating loss carryforward1,084.0 489.7 
Accruals and reserves59.3 47.3 
Employee compensation accruals36.3 26.9 
Pension and other employee benefit plans(27.5)(15.9)
Interest expense limitation116.4 89.9 
Post-retirement benefits other than pensions
7.4 8.9 
Other37.3 19.7 
Inventory0.6 0.9 
Interest swap contracts(0.2)(0.7)
Net deferred tax asset before valuation allowance1,372.8 858.4 
Valuation allowance(1,380.5)(867.4)
Net deferred tax asset (liability)
(7.7)(9.0)
Schedule of Unrecognized Tax Benefits Roll Forward
202420232022
Beginning balance at January 1$7.1 $8.1 $18.3 
Gross increases (decreases) related to current period tax positions
0.4 (0.4)0.4 
Gross increases related to prior period tax positions2.3 — — 
Statute of limitations’ expiration
— (0.6)(10.6)
Ending balance at December 31$9.8 $7.1 $8.1 
v3.25.0.1
Equity (Tables) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
Accumulated Other Comprehensive Loss, net of tax, is summarized by component as follows:

December 31, 2024December 31, 2023
Pension
(17.2)(18.7)
SERP/ Retiree medical6.8 6.8 
Derivatives - foreign currency hedge0.7 2.2 
Foreign currency impact on long term intercompany loan(15.2)(14.6)
Currency translation adjustment(75.2)(65.3)
Total accumulated other comprehensive loss$(100.1)$(89.6)
    
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax $ 0.6 $ (57.3) $ (107.0)
Accumulated Other Comprehensive Income (Loss) $ (100.1) (89.6)  
Schedule Of Earnings Per Share, Basic And Diluted
Earnings per Share Calculation

Basic net income per share is computed using the weighted-average number of outstanding shares of Common Stock during the measurement period. Diluted net income per share is computed using the weighted-average number of outstanding shares of Common Stock and, when dilutive, potential outstanding shares of Common Stock during the measurement period.

The following table sets forth the computation of basic and diluted earnings per share:
 For the Twelve Months Ended
 December 31, 2024December 31, 2023December 31, 2022
 LossSharesPer
Share
Amount		LossSharesPer
Share
Amount		LossSharesPer
Share
Amount
Basic EPS        
Loss available to common shareholders$(2,139.8)116.8 $(18.32)$(616.2)106.6 $(5.78)$(545.7)104.6 $(5.21)
Income allocated to participating securities— — — —  — —  
Net loss$(2,139.8)  $(616.2)  $(545.7)  
Diluted potential common shares   

 
Diluted EPS         
Net loss$(2,139.8)116.8 $(18.32)$(616.2)106.6 $(5.78)$(545.7)104.6 $(5.21)

Included in the outstanding common shares were 0.0 million, 0.1 million and 0.4 million of issued but unvested shares at December 31, 2024, 2023 and 2022, respectively, which are excluded from the basic EPS calculation.

Common shares of 8.4 million were excluded from diluted EPS as a result of incurring a net loss for the twelve-month period ended December 31, 2024, as the effect would have been antidilutive. Additionally, diluted EPS for the twelve-month period ended December 31, 2024 excludes 0.2 million shares that may be dilutive common shares in the future, but were not included in the computation of diluted EPS because the effect was either antidilutive or the performance condition was not met.

Common shares of 2.0 million were excluded from diluted EPS as a result of incurring a net loss for the twelve-month period ended December 31, 2023, as the effect would have been antidilutive. Additionally, diluted EPS for the twelve-month period ended December 31, 2023 excluded 0.1 million shares that were not included in the computation of diluted EPS because the effect was either antidilutive or the performance condition was not met.
    
Accumulated Defined Benefit Plans Adjustment [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Accumulated Other Comprehensive Income (Loss) $ (17.2) (18.7)  
Accumulated SERP And Retiree Medical [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Accumulated Other Comprehensive Income (Loss) 6.8 6.8  
Foreign Currency Impact On Long Term Intercompany Loan [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Accumulated Other Comprehensive Income (Loss) (15.2) (14.6)  
Accumulated Translation Adjustment [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Accumulated Other Comprehensive Income (Loss) $ (75.2) $ (65.3)  
v3.25.0.1
Commitments, Contingencies and Guarantees (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Service Warranty Roll Forward
The following is a roll forward of the service warranty and extraordinary rework balance at December 31, 2024, 2023 and 2022:
202420232022
Balance, January 1$82.7 $74.9 $71.3 
Charges to costs and expenses6.8 10.2 6.7 
Payouts(2.7)(2.7)(2.7)
Exchange rate(0.1)0.3 (0.4)
Balance, December 31$86.7 $82.7 $74.9 
v3.25.0.1
Other Income (Expense), Net (Tables)
 12 Months Ended
Dec. 31, 2024
Other Nonoperating Income (Expense) [Abstract]  
Other Income Expense Net
Other expense, net is summarized as follows:

 For the Twelve Months Ended
 December 31, 2024December 31, 2023December 31, 2022
Kansas Development Finance Authority bond$3.8 $2.9 $2.4 
Pension (loss) income (1)
15.3 (52.0)(30.2)
Interest income9.5 12.9 6.2 
Gain (loss) on foreign currency forward contract and interest rate swaps
3.6 0.5 (17.1)
Loss on sale of accounts receivable(48.0)(52.4)(23.4)
Foreign currency gains (losses) (2)
9.6 (13.9)21.6 
Excise tax on pension assets reversion (3)
(0.3)(37.7)(6.8)
Gain on settlement of financial instrument (4)
— — 20.7 
Other (5)
4.5 (0.7)12.5 
Total Other Expense, net
$(2.0)$(140.4)$(14.1)
v3.25.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information
The following tables show segment revenues, segment gross profit and segment operating income for the twelve months ended December 31, 2024, 2023 and 2022:

Twelve Months Ended December 31, 2024
Commercial
Defense & Space
Aftermarket
Corporate and Other
Consolidated
($ in millions)
Net revenues
$4,927.4 $975.2 $414.0 $— $6,316.6 
Cost of sales
(6,263.3)(870.5)(358.7)— (7,492.5)
Excess capacity costs
(186.5)(10.0)— — (196.5)
Segment gross (loss) profit$(1,522.4)$94.7 $55.3 $— $(1,372.4)
Restructuring costs
(0.7)— — — (0.7)
Segment operating (loss) income (1)
$(1,523.1)$94.7 $55.3 $— $(1,373.1)
Selling, general and administrative
— — — (365.5)(365.5)
Research and development
— — — (47.5)(47.5)
Operating (loss) income$(1,523.1)$94.7 $55.3 $(413.0)$(1,786.1)
Interest expense and financing fee amortization
— — — (353.5)(353.5)
Other expense, net— — — (2.0)(2.0)
(Loss) income before income taxes and equity in net income of affiliates$(1,523.1)$94.7 $55.3 $(768.5)$(2,141.6)

Twelve Months Ended December 31, 2023
Commercial
Defense & Space
Aftermarket
Corporate and Other
Consolidated
($ in millions)
Net revenues
$4,885.0 $789.0 $373.9 $— $6,047.9 
Cost of sales
(4,627.3)(736.4)(293.9)— (5,657.6)
Excess capacity costs
(177.3)(6.8)— — (184.1)
Segment gross profit$80.4 $45.8 $80.0 $— $206.2 
Restructuring costs
(6.3)(0.9)— — (7.2)
Other operating (expense) income (2)
(8.1)(0.2)2.4 — (5.9)
Segment operating income (1)
$66.0 $44.7 $82.4 $— $193.1 
Selling, general and administrative
— — — (281.9)(281.9)
Research and development
— — — (45.4)(45.4)
Operating income (loss)$66.0 $44.7 $82.4 $(327.3)$(134.2)
Interest expense and financing fee amortization
— — — (318.7)(318.7)
Other expense, net— — — (140.4)(140.4)
Income (loss) before income taxes and equity in net loss of affiliates$66.0 $44.7 $82.4 $(786.4)$(593.3)
Twelve Months Ended December 31, 2022
Commercial
Defense & Space
Aftermarket
Corporate and Other
Consolidated
($ in millions)
Net revenues
$4,068.4 $649.8 $311.4 $— $5,029.6 
Cost of sales
(3,993.0)(571.5)(250.4)— (4,814.9)
Excess capacity costs
(149.5)(7.8)— — (157.3)
Other segment items (3)
(8.6)2.3 (2.5)— (8.8)
Segment gross (loss) profit$(82.7)$72.8 $58.5 $— $48.6 
Restructuring costs
(0.2)— — — (0.2)
Segment operating (loss) income (1)
$(82.9)$72.8 $58.5 $— $48.4 
Selling, general and administrative
— — — (279.2)(279.2)
Research and development
— — — (50.4)(50.4)
Operating (loss) income$(82.9)$72.8 $58.5 $(329.6)$(281.2)
Interest expense and financing fee amortization
— — — (244.1)(244.1)
Other expense, net— — — (14.1)(14.1)
(Loss) income before income taxes and equity in net loss of affiliates$(82.9)$72.8 $58.5 $(587.8)$(539.4)

(1)Inclusive of forward losses, changes in estimates on loss programs and cumulative catch-up adjustments. These changes in estimates for the periods ended December 31, 2024, 2023, and 2022 are further detailed in Note 6, Changes in Estimates.
(2)The twelve months ended December 31, 2023 includes charges of $8.1 and $0.2 related to the temporary production pause for the Commercial and Defense & Space Segments, respectively, and ($2.4) of benefit related to related to the settlement of a contingent consideration obligation related to a prior year acquisition for the Aftermarket Segment.
(3)The twelve months ended December 31, 2022 includes charges of $9.6 for workforce adjustments as a result of the COVID-19 production pause for the Commercial Segment, net of U.S. employee retention credit and U.K. government subsidies, $24.7 and $4.4 in relation to the suspension of activities in Russia for the Commercial and Aftermarket Segments, respectively, and net offsets of ($25.7), ($2.3), and ($1.9) for the Commercial, Defense & Space, and Aftermarket Segments, respectively, related to the AMJPP and other costs.
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] The following chart illustrates the split between domestic and foreign revenues:
 Year Ended December 31, 2024Year Ended December 31, 2023Year Ended December 31, 2022
Revenue Source(1)
Net RevenuesPercent of
Total
Net Revenues		Net RevenuesPercent of
Total
Net Revenues		Net RevenuesPercent of
Total
Net Revenues
United States$4,811.0 76 %$4,667.1 77 %$3,814.5 76 %
International 
United Kingdom649.7 10 %582.5 10 %632.8 13 %
Other855.9 14 %798.3 13 %582.3 11 %
Total International1,505.6 24 %1,380.8 23 %1,215.1 24 %
Total Revenues$6,316.6 100 %$6,047.9 100 %$5,029.6 100 %

(1)Net Revenues are attributable to countries based on destination where goods are delivered.

As of December 31, 2024, most of the Company’s property, plant and equipment are located within the U.S. Approximately 18% of the Company’s property, plant and equipment based on book value are located in the U.K., with approximately another 5% of the Company’s total property, plant and equipment located in countries outside the U.S. and the U.K. The following chart illustrates the split between domestic and foreign assets:
 Year Ended December 31, 2024Year Ended December 31, 2023Year Ended December 31, 2022
Asset LocationTotal
PPE		Percent of
PPE		Total
PPE		Percent of
Total
PPE		Total
PPE		Percent of
Total
PPE
United States$1,497.7 77 %$1,605.0 77 %$1,708.2 78 %
International 
United Kingdom356.6 18 %384.0 18 %404.1 18 %
Other93.6 5 %95.2 5 %93.6 4 %
Total International450.2 23 %479.2 23 %497.7 22 %
Total Property, Plant & Equipment$1,947.9 100 %$2,084.2 100 %$2,205.9 100 %
.
v3.25.0.1
Supplemental Balance Sheet Information (Tables)
 12 Months Ended
Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]  
Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consist of the following:

December 31, 2024December 31, 2023
Accrued expenses 
Accrued wages and bonuses$51.5 $63.3 
Accrued fringe benefits113.9 118.0 
Accrued payroll taxes8.6 10.0 
Accrued interest39.8 34.1 
Workers’ compensation
10.6 9.4 
Property and sales tax25.8 26.0 
Warranty/extraordinary rework reserve — current0.6 1.0 
Former executive officer liability (3)
47.5 47.5 
Other (1)
155.0 110.8 
Total$453.3 $420.1 
Other liabilities 
Warranty/extraordinary rework reserve - non-current
86.1 81.7 
Other (2)
51.1 53.8 
Total$137.2 $135.5 

(1)Balance as of December 31, 2024 includes $103.3 of general and production material accruals and $24.2 of B787 program liabilities. Balance as of December 31, 2023 includes $70.0 of general and production material accruals and $18.8 of B787 program liabilities.
(2)Balance as of December 31, 2024 includes $8.2 of deferred grant in Morocco, $1.4 various tax credits, $12.1 of estimated workers compensation liability, $17.1 of provisions related to the suspension of activities in Russia, and $5.6 of deferred compensation. Balance as of December 31, 2023 includes $8.0 of deferred grant in Morocco, $1.3 various tax credits, $11.8 of estimated workers compensation liability, $17.3 of provisions related to the suspension of activities in Russia, and $9.2 of deferred compensation.
(3)On October 19, 2021, the U.S. District Court for the District of Kansas ruled in favor of the Company’s former Chief Executive Officer and awarded him $44.8 plus interest for benefits withheld in connection with a disputed violation of restrictive covenants in his retirement agreement. See Note 23, Commitments, Contingencies, Guarantees.
v3.25.0.1
Nature of Business (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]        
Debt, Long-term and Short-term, Combined Amount $ 4,394.2      
Cash and cash equivalents 537.0 $ 823.5 $ 658.6 $ 1,478.6
Customer Advances and Deposits $ 904.0      
v3.25.0.1
Summary of Significant Accounting Policies (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Abstract]      
Property, Plant and Equipment, Policy [Policy Text Block]
Property, Plant and Equipment

Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is applied using a straight-line method over the useful lives of the respective assets as described in the following table:
 Estimated Useful Life
Land improvements20 years
Buildings45 years
Machinery and equipment3-20 years
Tooling — Airplane program — B787, Rolls-Royce5-20 years
Tooling — Airplane program — all others2-10 years
Capitalized software3-7 years

The Company capitalizes certain costs, such as software coding, installation, and testing, that are incurred to purchase or to create and implement internal-use computer software. The Company’s capitalization policy includes specifications that the software must have a service life greater than one year, is legally and substantially owned by the Company, and has an acquisition cost of greater than $0.1. The Company applies the same criteria for capitalizing implementation costs incurred in a cloud computing arrangement hosted by the vendor.

Where the Company is involved in build-to-suit leasing arrangements, the Company is deemed the owner of the asset for accounting purposes during the construction period of the asset. The Company records the related assets and liabilities for construction costs incurred under these build-to-suit leasing arrangements during the construction period. Upon completion of the asset, the Company considers whether the assets and liabilities qualify for derecognition under the sale-leaseback accounting guidance. See Note 11, Property, Plant and Equipment, net.
    
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]      
Product Warranty And Extraordinary Rework, Beginning Balance $ 82.7 $ 74.9 $ 71.3
Charges to costs and expenses (6.8) (10.2) (6.7)
Product Warranty Accrual, Payments 2.7 2.7 2.7
Exchange rate (0.1) 0.3 (0.4)
Product Warranty And Extraordinary Rework, Ending Balance 86.7 82.7 $ 74.9
Affiliates [Line Items]      
Equity in net assets of affiliates 0.9 0.8  
Deferred Tax Assets, Valuation Allowance $ 1,380.5 867.4  
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Policy [Policy Text Block]
Property, Plant and Equipment

Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is applied using a straight-line method over the useful lives of the respective assets as described in the following table:
 Estimated Useful Life
Land improvements20 years
Buildings45 years
Machinery and equipment3-20 years
Tooling — Airplane program — B787, Rolls-Royce5-20 years
Tooling — Airplane program — all others2-10 years
Capitalized software3-7 years

The Company capitalizes certain costs, such as software coding, installation, and testing, that are incurred to purchase or to create and implement internal-use computer software. The Company’s capitalization policy includes specifications that the software must have a service life greater than one year, is legally and substantially owned by the Company, and has an acquisition cost of greater than $0.1. The Company applies the same criteria for capitalizing implementation costs incurred in a cloud computing arrangement hosted by the vendor.

Where the Company is involved in build-to-suit leasing arrangements, the Company is deemed the owner of the asset for accounting purposes during the construction period of the asset. The Company records the related assets and liabilities for construction costs incurred under these build-to-suit leasing arrangements during the construction period. Upon completion of the asset, the Company considers whether the assets and liabilities qualify for derecognition under the sale-leaseback accounting guidance. See Note 11, Property, Plant and Equipment, net.
    
Deferred Grant Income Liability Noncurrent $ 25.1 25.8  
Deferred grant income in PP&E balance 12.2    
Other Liabilities, Noncurrent $ 137.2 $ 135.5  
Land and Land Improvements [Member]      
Property, Plant and Equipment [Abstract]      
Property, Plant and Equipment, Useful Life 20 years    
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 20 years    
Building [Member]      
Property, Plant and Equipment [Abstract]      
Property, Plant and Equipment, Useful Life 45 years    
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 45 years    
Maximum [Member] | Machinery and Equipment [Member]      
Property, Plant and Equipment [Abstract]      
Property, Plant and Equipment, Useful Life 20 years    
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 20 years    
Maximum [Member] | Tooling Airplane Program B787 Rolls Royce [Member]      
Property, Plant and Equipment [Abstract]      
Property, Plant and Equipment, Useful Life 20 years    
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 20 years    
Maximum [Member] | Tooling Airplane Program All Others [Member]      
Property, Plant and Equipment [Abstract]      
Property, Plant and Equipment, Useful Life 10 years    
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 10 years    
Maximum [Member] | Software [Member]      
Property, Plant and Equipment [Abstract]      
Property, Plant and Equipment, Useful Life 7 years    
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 7 years    
Minimum [Member] | Machinery and Equipment [Member]      
Property, Plant and Equipment [Abstract]      
Property, Plant and Equipment, Useful Life 3 years    
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 3 years    
Minimum [Member] | Tooling Airplane Program B787 Rolls Royce [Member]      
Property, Plant and Equipment [Abstract]      
Property, Plant and Equipment, Useful Life 5 years    
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 5 years    
Minimum [Member] | Tooling Airplane Program All Others [Member]      
Property, Plant and Equipment [Abstract]      
Property, Plant and Equipment, Useful Life 2 years    
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 2 years    
Minimum [Member] | Software [Member]      
Property, Plant and Equipment [Abstract]      
Property, Plant and Equipment, Useful Life 3 years    
Capitalization Policy, Service Life 1 year    
Capitalization Policy, Software, Acquisition Cost $ 0.1    
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 3 years    
Capitalization Policy, Service Life 1 year    
Capitalization Policy, Software, Acquisition Cost $ 0.1    
Domestic Tax Jurisdiction [Member]      
Affiliates [Line Items]      
Deferred Tax Assets, Valuation Allowance 876.6    
Foreign Tax Jurisdiction [Member]      
Affiliates [Line Items]      
Deferred Tax Assets, Valuation Allowance $ 504.0    
v3.25.0.1
Summary of Significant Accounting Policies Income Tax (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Valuation Allowance [Line Items]    
Deferred Tax Assets, Valuation Allowance $ 1,380.5 $ 867.4
Foreign Tax Jurisdiction [Member]    
Valuation Allowance [Line Items]    
Deferred Tax Assets, Valuation Allowance $ 504.0  
v3.25.0.1
Summary of Significant Accounting Policies (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Government Assistance [Line Items]    
Deferred Grant Income Liability Noncurrent $ 25.1 $ 25.8
Government funding (or partially funding) of capital    
Government Assistance [Line Items]    
Deferred Grant Income Liability Noncurrent 16.7  
Government funding (or partially funding) of capital | Cost of Sales    
Government Assistance [Line Items]    
Government Assistance, Income, Increase (Decrease) 2.2  
Government funding (or partially funding) of business development    
Government Assistance [Line Items]    
Deferred Grant Income Liability Noncurrent 8.4  
Government funding (or partially funding) of business development | Cost of Sales    
Government Assistance [Line Items]    
Government Assistance, Income, Increase (Decrease) 2.5  
Government funding (or partially funding) of business development | Selling, General and Administrative Expenses    
Government Assistance [Line Items]    
Government Assistance, Income, Increase (Decrease) $ 0.5  
v3.25.0.1
Changes in Estimates (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Change In Estimate [Line Items]      
Change In Accounting Estimate, aggregate, affecting earnings from continuing operations $ (1,428.6) $ (320.9) $ (278.0)
Changes in Accounting Estimates - Contract Accounting, aggregate, Affecting earnings from Continuing Operations, per Share diluted $ (12.22) $ (3.12) $ (2.68)
Change in Accounting Estimate, Description Changes in Estimates The Company has a periodic forecasting process in which management assesses the progress and performance of the Company’s programs. This process requires management to review each program’s progress by evaluating the program schedule, changes to identified risks and opportunities, changes to estimated revenues and costs for the accounting contracts (and options if applicable), and any outstanding contract matters. Risks and opportunities include but are not limited to management’s judgment about the cost associated with the Company’s ability to achieve the schedule, technical requirements (e.g., a newly-developed product versus a mature product), and any other program requirements. Due to the span of years it may take to completely satisfy the performance obligations for the accounting contracts (and options, if any) and the scope and nature of the work required to be performed on those contracts, the estimation of total revenue and costs is subject to many variables and, accordingly, is subject to change based upon judgment. The Company’s estimate of costs depends on maintaining continuing, uninterrupted production at its manufacturing facilities and its suppliers’ facilities. Interruptions in deliveries of or increased prices for components or raw materials used in the Company's products could delay production and/or materially adversely affect the Company’s business. When adjustments in estimated total consideration or estimated total cost are required, any changes from prior estimates for fully satisfied performance obligations are recognized in the current period as a cumulative catch-up adjustment for the inception-to-date effect of such changes. Cumulative catch-up adjustments are driven by several factors including production efficiencies, assumed rate of production, the rate of overhead absorption, changes to scope of work, and contract modifications. Cumulative catch-up adjustments are primarily related to changes in the estimated margin of contracts with performance obligations that are satisfied over time.Changes in estimates could materially affect the Company’s future financial performance. Other than certain increases in raw material costs that can generally be passed on to the Company’s customers, in most instances the Company must fully absorb cost overruns. Some of the factors that may cause the costs incurred in fulfilling contracts to vary substantially from current estimates are technical problems, production rate changes, materials shortages, supplier difficulties, realization targets, existence of and execution to recovery plans caused by these factors, and multiple other events, including those identified in Item 1A. “Risk Factors”. The risk particularly applies to products such as the B787, B767, A220, and A350, which are in forward loss positions.Changes in estimates are summarized below:Changes in EstimatesDecember 31, 2024December 31, 2023December 31, 2022(Unfavorable) Favorable Cumulative Catch-up Adjustments by SegmentCommercial$(83.5)$(45.6)$(30.1)Defense & Space21.1 (10.6)2.4 Aftermarket— — — Total (Unfavorable) Favorable Cumulative Catch-up Adjustments$(62.4)$(56.2)$(27.7)(Forward Loss) and Changes in Estimates on Loss Programs by SegmentCommercial$(1,328.9)$(234.0)$(243.9)Defense & Space(37.3)(30.7)(6.4)Aftermarket— — — Total (Forward Loss) and Changes in Estimates on Loss Program$(1,366.2)$(264.7)$(250.3)Total Changes in Estimates$(1,428.6)$(320.9)$(278.0)EPS Impact (diluted per share based upon statutory tax rate)$(12.22)$(3.12)$(2.68)2024 Changes in EstimatesDuring the twelve months ended December 31, 2024, the Company recognized net forward loss charges of $1,366.2 primarily driven by a change in strategic pricing conversations with Airbus in the first quarter, current production performance, and supply chain cost growth on the A350 and A220 programs, additional labor and supply chain cost growth on the B787 program, increased costs related to factory performance on the B767 program and supply chain cost estimates on the KC-135 program. Unfavorable cumulative catch-up adjustments of $62.4 were primarily driven by increased production costs associated with changes implemented by Boeing in March 2024 to introduce a new product verification process in Wichita, KS on the B737 program. These were partially offset by favorable cumulative catch-up adjustment in Defense & Space. This change in business process for the B737 units has delayed delivery acceptances and caused a buildup of undelivered units in Wichita, KS. Additionally, we are maintaining a higher cost profile for a planned rate increase that has now been delayed because of the production rate limitations on the B737 program. 2023 Changes in EstimatesDuring the twelve months ended December 31, 2023, the Company recognized unfavorable changes in estimates of $320.9, including forward loss charges of $470.3 and unfavorable cumulative catch-up adjustments of $56.2, partially offset by a reversal of forward loss charges of ($205.6) on the B787 resulting from the execution of the 2023 MOA, resulting in a net $264.7 of forward loss charges in 2023. The forward loss charges were primarily driven by labor and production cost growth, higher supply chain costs, and schedule revisions on the A350 program and additional labor, the impact of the IAM agreement and supply chain cost growth on the B787 program, increased factory performance and supply chain costs on the B767, higher production, labor and supply chain costs on the A220 program, and production costs incurred including the impact of the IAM agreement on the Sikorsky CH-53K program. Unfavorable cumulative catch-up adjustments of $56.2 were primarily recognized on the B737 MAX and A320 programs, reflective of increased supply chain, raw material, factory performance and other costs on the program including the impact of the IAM union negotiations on the B737 MAX program. The A320 program unfavorable cumulative catch-up adjustment was driven by production cost overruns experienced due to operational and supply chain disruptions, and foreign currency movements.2022 Changes in EstimatesDuring the twelve months ended December 31, 2022, the Company recognized net forward loss charges of $250.3 primarily driven by increased cost estimates for production rate decreases and build schedule changes, supply chain costs, costs of rework, and other costs on the B787 program, and additional labor, freight, and other cost requirements driven by parts shortages and production and quality issues, production schedule changes received from Airbus, increased freight and utility costs, and increased non-recurring engineering and tooling costs on the A350 program. Forward losses were also impacted by technical problems, realization targets, and existence and execution of factory recovery plans caused by the factors listed above and other factors. Additionally, the forward loss charges reflect anticipated production recovery costs related to the bankruptcy of a supplier and associated failure to deliver key parts on the A220 wing program, and, to a lesser extent, increased cost projections on the RB3070, B767, Bombardier Challenger 650, and a partial offset related to the release of a previously recorded forward loss provision that was impacted by the suspension of activities in Russia. Unfavorable cumulative catch-up adjustments of $27.7 were primarily recognized on the B737 MAX and A320 programs, reflective of increased costs experienced and estimated for supply chain, raw material, labor and other costs on the B737 MAX program, driven by production schedule changes, parts shortages, production recovery plan execution and increased supply chain and other costs. The A320 program unfavorable cumulative catch-up adjustment was driven by production cost overruns experienced due to operational and supply chain disruptions, and estimates of the impact of production schedule changes, increased material costs, increased freight costs, and increased labor and overhead costs.    
Cumulative catch-up adjustment [Member]      
Change In Estimate [Line Items]      
Change in Accounting Estimate - Contract Accounting $ 62.4 $ 56.2 $ 27.7
Forward Loss [Member]      
Change In Estimate [Line Items]      
Change in Accounting Estimate - Contract Accounting 1,366.2 264.7 250.3
Commercial [Member] | Cumulative catch-up adjustment [Member]      
Change In Estimate [Line Items]      
Change in Accounting Estimate - Contract Accounting 83.5 45.6 30.1
Commercial [Member] | Forward Loss [Member]      
Change In Estimate [Line Items]      
Change in Accounting Estimate - Contract Accounting 1,328.9 234.0 243.9
Defense & Space [Member] | Cumulative catch-up adjustment [Member]      
Change In Estimate [Line Items]      
Change in Accounting Estimate - Contract Accounting (21.1) 10.6 (2.4)
Defense & Space [Member] | Forward Loss [Member]      
Change In Estimate [Line Items]      
Change in Accounting Estimate - Contract Accounting 37.3 30.7 6.4
Aftermarket [Member] | Cumulative catch-up adjustment [Member]      
Change In Estimate [Line Items]      
Change in Accounting Estimate - Contract Accounting 0.0 0.0 0.0
Aftermarket [Member] | Forward Loss [Member]      
Change In Estimate [Line Items]      
Change in Accounting Estimate - Contract Accounting $ 0.0 $ 0.0 $ 0.0
v3.25.0.1
Accounts Receivable, net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Receivables [Abstract]      
Transfer of Financial Assets Accounted for as Sales, Amount Derecognized $ 3,525.2    
Accounts Receivable, Net      
Trade receivables 371.9 $ 555.8  
Other 33.2 42.0  
Less: allowance for credit losses (9.8) (12.3)  
Accounts receivable, net 395.3 585.5  
Gain (Loss) on Sale of Accounts Receivable (48.0) (52.4) $ (23.4)
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Nontrade Receivables, Current $ 33.2 $ 42.0  
v3.25.0.1
Contract with customer, asset and liability (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]      
Contract with Customer, Asset, before Allowance for Credit Loss $ 777.9 $ 522.9 $ 502.2
change in contract asset 255.0 20.7  
Contract with Customer, Liability (447.7) (353.9) (356.4)
change in contract liability (93.8) 2.5  
Contract with Customer, Liability, Revenue Recognized 66.8 189.4  
Contracts with Customers, Net Contract Asset (Liability) 330.2 169.0 $ 145.8
change in net contract asset $ 161.2 $ 23.2  
v3.25.0.1
Revenue Disaggregation and Outstanding Performance Obligations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenues $ 6,316.6 $ 6,047.9 $ 5,029.6
Expected to be satisfied in next fiscal year      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenue, Remaining Performance Obligation, Amount 5,125.9    
Expected to be satisfied in fiscal year +2      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenue, Remaining Performance Obligation, Amount 5,130.4    
Expected to be satisfied in fiscal year +3      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenue, Remaining Performance Obligation, Amount 3,638.0    
Expected to be satisfied in fiscal year +4 and thereafter      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenue, Remaining Performance Obligation, Amount 342.3    
Transferred over Time [Member]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenues 4,519.8 4,368.7  
Transferred at Point in Time [Member]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenues 1,796.8 1,679.2  
Location United States [Member]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenues 4,811.0 4,667.1 3,814.5
Location United Kingdom [Member]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenues 649.7 582.5 632.8
Other Countries [Member]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenues 855.9 798.3 582.3
Disaggregation of revenue, total international locations [Member]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenues 1,505.6 1,380.8 $ 1,215.1
Boeing - all programs [Member]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenues 3,693.1 3,847.1  
Airbus [Member]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenues 1,334.9 1,144.6  
Other Customer [Member]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenues $ 1,288.6 $ 1,056.2  
v3.25.0.1
Inventory (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Summary Of Inventories [Abstract]      
Raw materials $ 468.7 $ 414.4  
Work-in-process (1) 1,333.7 1,283.7  
Finished goods 71.0 48.4  
Product inventory 1,873.4 1,746.5  
Capitalized pre-production 18.3 20.8  
Total inventory, net 1,891.7 1,767.3  
Inventory [Line Items]      
Excess Capacity Costs- B737MAX and A320 Production Schedules $ 196.5 184.1 $ 157.3
IAM Strike Production Pause      
Inventory [Line Items]      
Other Nonrecurring Expense   $ 8.3  
v3.25.0.1
Inventory (Details 1) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Inventory By Platform [Abstract]    
Total capitalized pre-production $ 18.3 $ 20.8
Forward loss provision(4) (471.5) (256.6)
Total inventory, net $ 1,891.7 $ 1,767.3
v3.25.0.1
Inventory (Details 2) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Inventories [Line Items]    
Inventory Valuation Reserves $ 161.5 $ 150.2
Costs Incurred in Anticipation of Contracts $ 491.8 $ 262.0
v3.25.0.1
Property, Plant and Equipment, net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Abstract]      
Cost of Property Repairs and Maintenance $ 208.0 $ 176.9 $ 161.9
Capitalized Computer Software, Amortization 15.6 22.7 23.4
Property, plant and equipment, net      
Land 28.8 30.5  
Buildings (including improvements) 1,315.7 1,307.6  
Machinery and equipment 2,513.3 2,460.6  
Tooling 1,033.3 1,064.8  
Capitalized software 341.5 338.4  
Construction-in-progress 154.5 119.0  
Property, Plant and Equipment, Gross 5,387.1 5,320.9  
Less: accumulated depreciation (3,439.2) (3,236.7)  
Property, plant and equipment, net 1,947.9 2,084.2 2,205.9
Asset Impairment Charges $ 2.0 $ 0.0 $ 0.0
v3.25.0.1
Property, Plant and Equipment, net (Details Textual) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property Plant And Equipment Textuals [Abstract]      
Capitalized Interest Related To Construction-In-Progress $ 7.0 $ 5.2 $ 3.8
Repair And Maintenance Costs 208.0 176.9 161.9
Depreciation Expense Related To Capitalized Software $ 15.6 $ 22.7 $ 23.4
v3.25.0.1
Leases (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months $ 14.3    
Lessee, Operating Lease, Liability, Payments, Due Year Two 12.0    
Lessee, Operating Lease, Liability, Payments, Due Year Three 9.3    
Lessee, Operating Lease, Liability, Payments, Due Year Four 8.3    
Lessee, Operating Lease, Liability, Payments, Due Year Five 7.3    
Lessee, Operating Lease, Liability, Payments, Due after Year Five 148.4    
Lessee, Operating Lease, Liability, Payments, Due 199.6    
Lessee Imputed Interest Due- Operating (119.8)    
Operating Lease, Liability 79.8    
Finance Lease, Liability, Payments, Due Next Twelve Months 44.5    
Finance Lease, Liability, Payments, Due Year Two 31.1    
Finance Lease, Liability, Payments, Due Year Three 13.8    
Finance Lease, Liability, Payments, Due Year Four 7.1    
Finance Lease, Liability, Payments, Due Year Five 2.7    
Finance Lease, Liability, Payments, Due after Year Five 19.8    
Finance Lease, Liability, Payment, Due 119.0    
Lessee Imputed Interest Due- Finance (16.3)    
finance lease, Right-of-Use Asset, gross 333.3 $ 336.9  
Operating Lease, Payments 14.8 14.2  
Finance Lease, Interest Payment on Liability 7.8 8.2  
Lease, Cost 60.8 57.0 $ 54.3
Operating Lease, Cost 15.0 14.6 13.6
Finance Lease, Right-of-Use Asset, Amortization 38.0 34.2 33.6
Finance Lease, Interest Expense 7.8 8.2 $ 7.1
Finance Lease, Principal Payments 51.1 50.3  
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 3.7 6.1  
Finance Lease, Right-of-Use Asset, Accumulated Amortization Amount (163.8) (135.8)  
Finance Lease, Right-of-Use Asset $ 169.5 $ 201.1  
Operating Lease, Weighted Average Remaining Lease Term 35 years 1 month 6 days 33 years 2 months 12 days  
Finance Lease, Weighted Average Remaining Lease Term 4 years 7 months 6 days 4 years 8 months 12 days  
Operating Lease, Weighted Average Discount Rate, Percent 5.80% 6.20%  
Finance Lease, Weighted Average Discount Rate, Percent 6.60% 6.30%  
Finance Lease, Liability $ 102.7    
Lessee, Operating Lease, Lease Not Yet Commenced, Liability 0.7    
Lessee, Finance Lease, Lease Not Yet Commenced, Commitment $ 6.8    
Lessee, Finance Lease, Lease Not yet Commenced, Description for manufacturing equipment and facilities which are in various phases of construction or customization for the Company’s ultimate use, with lease terms between 3 and 5 years. The Company’s involvement in the construction and design process for these assets is generally limited to project management.    
v3.25.0.1
Other Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Other assets        
Prepaid Expense, Current $ 41.4 $ 34.8    
Income Taxes Receivable, Current 6.6 5.3    
Other Assets, Miscellaneous, Current 10.0 12.4    
Other Assets, Current 58.0 52.5    
Equity in net assets of affiliates 0.9 0.8    
Equity in net assets of affiliates 0.7 3.5    
Restricted Cash and Investments, Noncurrent 29.5 22.3 $ 19.6 $ 19.5
Rotables 43.0 44.0    
Bond collateral 11.2 0.0    
Other 19.9 29.3    
Goodwill 630.0 631.2    
Total $ 105.2 $ 99.9    
v3.25.0.1
Other Assets (Details Textuals) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization Expense Of Intangibles $ 15.2 $ 15.2
Finite-Lived Intangible Assets [Line Items]    
Goodwill, Acquired During Period 0.0  
Intangible Assets, Gross (Excluding Goodwill) 202.0 245.5
Developed Technology    
Finite-Lived Intangible Assets [Line Items]    
Intangible Assets, Gross (Excluding Goodwill) 62.0 103.1
Customer Contracts    
Finite-Lived Intangible Assets [Line Items]    
Intangible Assets, Gross (Excluding Goodwill) 137.2 $ 139.6
T.E.A.M., Inc. Acquisition | Defense & Space [Member]    
Finite-Lived Intangible Assets [Line Items]    
Goodwill, Acquired During Period $ 0.0  
v3.25.0.1
Other Assets (Details 1) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract]    
2014 $ 12.3  
2015 12.3  
2016 12.3  
2017 12.3  
2018 11.9  
Goodwill [Line Items]    
Goodwill 630.0 $ 631.2
Goodwill, Acquired During Period 0.0  
Goodwill, Other Increase (Decrease) 0.0  
Goodwill, Foreign Currency Translation Gain (Loss) (0.1)  
Disposal Group, Including Discontinued Operation, Goodwill (1.1)  
Finite-Lived Intangible Assets [Line Items]    
Intangible Assets, Gross (Excluding Goodwill) 202.0 245.5
Intangible Assets, Net (Excluding Goodwill) 149.5 196.2
Finite-Lived Intangible Asset, Expected Amortization, Year One 12.3  
Finite-Lived Intangible Asset, Expected Amortization, Year Two 12.3  
Finite-Lived Intangible Asset, Expected Amortization, Year Four $ 12.3  
Finite-Lived Intangible Assets, Remaining Amortization Period 12 years 8 months 12 days  
Finite-Lived Intangible Asset, Expected Amortization, Year Three $ 12.3  
Finite-Lived Intangible Asset, Expected Amortization, Year Five 11.9  
Commercial [Member]    
Goodwill [Line Items]    
Goodwill 296.5 296.6
Goodwill, Acquired During Period 0.0  
Goodwill, Other Increase (Decrease) 0.0  
Goodwill, Foreign Currency Translation Gain (Loss) (0.1)  
Defense & Space [Member]    
Goodwill [Line Items]    
Goodwill 12.1 13.2
Goodwill, Other Increase (Decrease) 0.0  
Goodwill, Foreign Currency Translation Gain (Loss) 0.0  
Disposal Group, Including Discontinued Operation, Goodwill (1.1)  
Defense & Space [Member] | T.E.A.M., Inc. Acquisition    
Goodwill [Line Items]    
Goodwill, Acquired During Period 0.0  
Aftermarket [Member]    
Goodwill [Line Items]    
Goodwill 321.4 321.4
Goodwill, Acquired During Period 0.0  
Goodwill, Other Increase (Decrease) 0.0  
Goodwill, Foreign Currency Translation Gain (Loss) 0.0  
Favorable Leasehold [Member]    
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract]    
2014 0.1  
2015 0.1  
2016 0.1  
2017 0.1  
2018 0.1  
Finite-Lived Intangible Assets [Line Items]    
Intangible Assets, Gross (Excluding Goodwill) 2.8 2.8
Finite-Lived Intangible Assets, Accumulated Amortization 2.2 2.1
Finite-Lived Intangible Asset, Expected Amortization, Year One 0.1  
Finite-Lived Intangible Asset, Expected Amortization, Year Two 0.1  
Finite-Lived Intangible Asset, Expected Amortization, Year Four $ 0.1  
Finite-Lived Intangible Assets, Remaining Amortization Period 4 years 6 months  
Finite-Lived Intangible Asset, Expected Amortization, Year Three $ 0.1  
Finite-Lived Intangible Asset, Expected Amortization, Year Five 0.1  
Developed Technology    
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract]    
2014 4.1  
2015 4.1  
2016 4.1  
2017 4.1  
2018 4.1  
Finite-Lived Intangible Assets [Line Items]    
Intangible Assets, Gross (Excluding Goodwill) 62.0 103.1
Finite-Lived Intangible Assets, Accumulated Amortization 17.2 21.9
Finite-Lived Intangible Asset, Expected Amortization, Year One 4.1  
Finite-Lived Intangible Asset, Expected Amortization, Year Two 4.1  
Finite-Lived Intangible Asset, Expected Amortization, Year Four $ 4.1  
Finite-Lived Intangible Assets, Remaining Amortization Period 10 years 9 months 18 days  
Finite-Lived Intangible Asset, Expected Amortization, Year Three $ 4.1  
Finite-Lived Intangible Asset, Expected Amortization, Year Five 4.1  
Customer Contracts    
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract]    
2014 8.1  
2015 8.1  
2016 8.1  
2017 8.1  
2018 7.7  
Finite-Lived Intangible Assets [Line Items]    
Intangible Assets, Gross (Excluding Goodwill) 137.2 139.6
Finite-Lived Intangible Assets, Accumulated Amortization 33.1 $ 25.3
Finite-Lived Intangible Asset, Expected Amortization, Year One 8.1  
Finite-Lived Intangible Asset, Expected Amortization, Year Two 8.1  
Finite-Lived Intangible Asset, Expected Amortization, Year Four $ 8.1  
Finite-Lived Intangible Assets, Remaining Amortization Period 13 years 6 months  
Finite-Lived Intangible Asset, Expected Amortization, Year Three $ 8.1  
Finite-Lived Intangible Asset, Expected Amortization, Year Five $ 7.7  
v3.25.0.1
Advance Payments and Deferred Revenue/Credits (Details)
$ / ship_set in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
$ / ship_set
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Deferred Revenue Arrangement [Line Items]      
Increase (Decrease) in Customer Advances $ (0.2) $ 114.1 $ (133.2)
Advance payments and deferred revenue/credits summarized      
Amortization Of Advances Per Ship Set (dollars per ship set) | $ / ship_set 450    
Customer advances- 787 program $ 164.3    
Customer advances- Other program 18.9    
Annual Repayment of Advances in case of termination of program 27.0    
Customer advances- 787 program 2023 MOA 55.9    
Customer Advances - Airbus A350 $ 100.0    
v3.25.0.1
Fair Value Measurements (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring Basis Financial Statement Captions [Line Items]    
Long-term Debt $ 4,231.0 $ 3,878.1
Debt Instrument, Fair Value Disclosure 4,472.5 4,037.3
Carrying amount and estimated fair value of long term debt    
Long-term Debt, Carrying Amount 4,231.0 3,878.1
Long-term Debt, Fair Value 4,472.5 4,037.3
Senior Unsecured Notes Due 2028 [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis Financial Statement Captions [Line Items]    
Long-term Debt 697.3 696.6
Debt Instrument, Fair Value Disclosure 661.7 616.8
Carrying amount and estimated fair value of long term debt    
Long-term Debt, Carrying Amount 697.3 696.6
Long-term Debt, Fair Value 661.7 616.8
Senior Secured Notes Due 2026 [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis Financial Statement Captions [Line Items]    
Long-term Debt 299.5 299.1
Debt Instrument, Fair Value Disclosure 292.4 288.0
Carrying amount and estimated fair value of long term debt    
Long-term Debt, Carrying Amount 299.5 299.1
Long-term Debt, Fair Value 292.4 288.0
Secured Debt Term B [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis Financial Statement Captions [Line Items]    
Long-term Debt 570.1 571.0
Debt Instrument, Fair Value Disclosure 577.6 573.1
Carrying amount and estimated fair value of long term debt    
Long-term Debt, Carrying Amount 570.1 571.0
Long-term Debt, Fair Value 577.6 573.1
Senior Secured Notes Due 2025    
Fair Value Assets And Liabilities Measured On Recurring Basis Financial Statement Captions [Line Items]    
Long-term Debt 20.8 20.8
Debt Instrument, Fair Value Disclosure 20.5 20.7
Carrying amount and estimated fair value of long term debt    
Long-term Debt, Carrying Amount 20.8 20.8
Long-term Debt, Fair Value 20.5 20.7
Senior secured first lien notes due 2029    
Fair Value Assets And Liabilities Measured On Recurring Basis Financial Statement Captions [Line Items]    
Long-term Debt 889.9 888.4
Debt Instrument, Fair Value Disclosure 953.1 973.0
Carrying amount and estimated fair value of long term debt    
Long-term Debt, Carrying Amount 889.9 888.4
Long-term Debt, Fair Value 953.1 973.0
Exchangeable Notes Due 2028    
Fair Value Assets And Liabilities Measured On Recurring Basis Financial Statement Captions [Line Items]    
Long-term Debt 223.6 222.2
Debt Instrument, Fair Value Disclosure 310.4 292.6
Carrying amount and estimated fair value of long term debt    
Long-term Debt, Carrying Amount 223.6 222.2
Long-term Debt, Fair Value 310.4 292.6
Senior Secured Second Lien Notes due 2030    
Fair Value Assets And Liabilities Measured On Recurring Basis Financial Statement Captions [Line Items]    
Long-term Debt 1,181.9 1,180.0
Debt Instrument, Fair Value Disclosure 1,308.9 1,273.1
Carrying amount and estimated fair value of long term debt    
Long-term Debt, Carrying Amount 1,181.9 1,180.0
Long-term Debt, Fair Value 1,308.9 $ 1,273.1
Delayed-Draw Bridge Credit Agreement    
Fair Value Assets And Liabilities Measured On Recurring Basis Financial Statement Captions [Line Items]    
Long-term Debt 347.9  
Debt Instrument, Fair Value Disclosure 347.9  
Carrying amount and estimated fair value of long term debt    
Long-term Debt, Carrying Amount 347.9  
Long-term Debt, Fair Value $ 347.9  
v3.25.0.1
Derivative and Hedging Activities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest Rate Swaps      
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months $ (0.9)    
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments $ 3.6 $ 0.5 $ (17.1)
Derivative, Credit Risk Related Contingent Features, Existence and Nature Generally, the Company has agreements with its counterparties that contain a provision whereby if the Company defaults on its existing credit facilities and payment of the loans extended under such facilities is accelerated, the Company could be declared in default under its agreements, which may result in the early termination of the outstanding derivatives governed by such agreements and the payment of an early termination amount.    
Foreign Exchange Contract [Member]      
Derivative [Line Items]      
Derivative, Notional Amount $ 0.0 169.1  
Interest Rate Swaps      
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net $ (3.6) (0.5) 18.7
Objectives for Using Cash Flow Hedging Instruments The Company has entered into currency forward contracts, each designated as a cash flow hedge upon the date of execution, for the purpose of reducing the variability of cash flows and hedging against the foreign currency exposure for forecasted payroll, pension and vendor disbursements that are expected to be made in the British pound sterling. All outstanding foreign currency forward contracts were settled in August 2024. Since the forecasted transactions remain probable of occurring, the changes in the fair value of cash flow hedges recorded in AOCI will be recognized in earnings in the period in which the forecasted transactions impact earnings.    
Foreign Currency Cash Flow Hedge Asset at Fair Value $ 0.0 3.0  
Foreign Currency Cash Flow Hedge Liability at Fair Value 0.0 0.0  
Unrealized Gain (Loss) on Cash Flow Hedging Instruments $ 1.5 $ 5.9 $ (19.1)
v3.25.0.1
Derivative and Hedging Activities (Details Textual) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]      
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments $ 3.6 $ 0.5 $ (17.1)
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months $ (0.9)    
v3.25.0.1
Debt (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
Other Long-term Debt, Current $ 9.4 $ 10.7  
Other Long-term Debt, Noncurrent 51.1 51.4  
Long-term Debt and Lease Obligation, Current 424.5 64.8  
Long-term Debt and Lease Obligation 3,969.7 4,018.7  
Finance Lease, Liability, Noncurrent 62.1 95.0  
Finance Lease, Liability, Current 40.6 48.3  
Long-Term Debt, Maturity, Year One 376.7    
Long-Term Debt, Maturity, Year Two 305.9    
Long-Term Debt, Maturity, Year Three 568.8    
Long-Term Debt, Maturity, Year Four 930.0    
Long-Term Debt, Maturity, Year Five 900.0    
Debt, Long-term and Short-term, Combined Amount 4,394.2    
Gains (Losses) on Extinguishment of Debt 0.0 11.8 $ 2.6
Cash flows from operating activities      
Debt Instrument [Line Items]      
Gains (Losses) on Extinguishment of Debt 4.6    
Senior Unsecured Notes Due 2021 [Member] [Domain]      
Debt Instrument [Line Items]      
Long-term Debt, Gross 0.0    
Debt, Long-term and Short-term, Combined Amount 0.0    
Secured Debt Term B [Member]      
Debt Instrument [Line Items]      
Debt Instrument, Face Amount 580.6    
Secured Long-term Debt, Noncurrent 564.3 565.2  
Long-term Debt 5.8 5.8  
Debt, Long-term and Short-term, Combined Amount $ 570.1    
Senior Unsecured Notes Due 2023 [Member] [Domain]      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage 3.95%    
Long-term Debt, Gross $ 0.0    
Debt, Long-term and Short-term, Combined Amount 0.0    
Senior Unsecured Notes Due 2028 [Member]      
Debt Instrument [Line Items]      
Debt Instrument, Face Amount $ 700.0    
Debt Instrument, Interest Rate, Stated Percentage 4.60%    
Long-term Debt $ 0.0 0.0  
Unsecured Long-term Debt, Noncurrent 697.3 696.6  
Debt, Long-term and Short-term, Combined Amount 697.3    
Senior Secured Notes Due 2026 [Member]      
Debt Instrument [Line Items]      
Debt Instrument, Face Amount 300.0    
Secured Long-term Debt, Noncurrent $ 299.5 299.1  
Debt Instrument, Interest Rate, Stated Percentage 3.85%    
Long-term Debt $ 0.0 0.0  
Debt, Long-term and Short-term, Combined Amount 299.5    
Senior Secured Notes Due 2025      
Debt Instrument [Line Items]      
Secured Long-term Debt, Noncurrent $ 0.0 20.8  
Debt Instrument, Interest Rate, Stated Percentage 5.50%    
Long-term Debt $ 20.8 0.0  
Debt, Long-term and Short-term, Combined Amount 20.8    
Senior secured first lien notes due 2029      
Debt Instrument [Line Items]      
Debt Instrument, Face Amount 900.0    
Secured Long-term Debt, Noncurrent $ 889.9 888.4  
Debt Instrument, Interest Rate, Stated Percentage 9.375%    
Long-term Debt $ 0.0 0.0  
Debt, Long-term and Short-term, Combined Amount 889.9    
Exchangeable Notes Due 2028      
Debt Instrument [Line Items]      
Debt Instrument, Face Amount $ 230.0    
Debt Instrument, Interest Rate, Stated Percentage 3.25%    
Long-term Debt $ 0.0 0.0  
Unsecured Long-term Debt, Noncurrent 223.6 222.2  
Debt, Long-term and Short-term, Combined Amount 223.6    
Senior Secured Second Lien Notes due 2030      
Debt Instrument [Line Items]      
Debt Instrument, Face Amount 1,200.0    
Secured Long-term Debt, Noncurrent $ 1,181.9 1,180.0  
Debt Instrument, Interest Rate, Stated Percentage 9.75%    
Long-term Debt $ 0.0 $ 0.0  
Debt, Long-term and Short-term, Combined Amount 1,181.9    
Delayed-Draw Bridge Credit Agreement      
Debt Instrument [Line Items]      
Debt Instrument, Face Amount 350.0    
Long-term Debt 347.9    
Debt, Long-term and Short-term, Combined Amount $ 347.9    
v3.25.0.1
Debt (Details Textual) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
Payment for Debt Extinguishment or Debt Prepayment Cost $ 0.0 $ 11.8 $ 2.6
Gains (Losses) on Extinguishment of Debt 0.0 11.8 $ 2.6
Debt, Long-term and Short-term, Combined Amount 4,394.2    
Cash flows from operating activities      
Debt Instrument [Line Items]      
Gains (Losses) on Extinguishment of Debt 4.6    
Senior Unsecured Notes Due 2021 [Member] [Domain]      
Debt Instrument [Line Items]      
Long-term Debt, Gross 0.0    
Debt, Long-term and Short-term, Combined Amount $ 0.0    
Senior Unsecured Notes Due 2023 [Member] [Domain]      
Debt Instrument [Line Items]      
Fixed interest rate 3.95%    
Long-term Debt, Gross $ 0.0    
Debt, Long-term and Short-term, Combined Amount 0.0    
Senior Unsecured Notes Due 2028 [Member]      
Debt Instrument [Line Items]      
Debt Instrument, Face Amount $ 700.0    
Fixed interest rate 4.60%    
Debt, Long-term and Short-term, Combined Amount $ 697.3    
Senior Secured Notes Due 2026 [Member]      
Debt Instrument [Line Items]      
Secured Long-term Debt, Noncurrent 299.5 299.1  
Debt Instrument, Face Amount $ 300.0    
Fixed interest rate 3.85%    
Debt, Long-term and Short-term, Combined Amount $ 299.5    
Senior Secured Notes Due 2025      
Debt Instrument [Line Items]      
Secured Long-term Debt, Noncurrent $ 0.0 20.8  
Fixed interest rate 5.50%    
Debt, Long-term and Short-term, Combined Amount $ 20.8    
Senior secured first lien notes due 2029      
Debt Instrument [Line Items]      
Secured Long-term Debt, Noncurrent 889.9 888.4  
Debt Instrument, Face Amount $ 900.0    
Fixed interest rate 9.375%    
Debt, Long-term and Short-term, Combined Amount $ 889.9    
Exchangeable Notes Due 2028      
Debt Instrument [Line Items]      
Debt Instrument, Face Amount $ 230.0    
Fixed interest rate 3.25%    
Debt, Long-term and Short-term, Combined Amount $ 223.6    
Senior Secured Second Lien Notes due 2030      
Debt Instrument [Line Items]      
Secured Long-term Debt, Noncurrent 1,181.9 $ 1,180.0  
Debt Instrument, Face Amount $ 1,200.0    
Fixed interest rate 9.75%    
Debt, Long-term and Short-term, Combined Amount $ 1,181.9    
Senior Secured Notes Due 2025      
Debt Instrument [Line Items]      
Debt, Long-term and Short-term, Combined Amount $ 20.8    
v3.25.0.1
Pension and Other Post Retirement Benefits (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
uSDollarPerHour
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Defined Benefit Plan Disclosure [Line Items]      
IAM Level of Contribution per hour until June 2019 | uSDollarPerHour 1.95    
Amounts recognized in balance sheet      
Noncurrent assets $ 49,400,000 $ 33,500,000  
Noncurrent liabilities (24,900,000) (30,300,000)  
Information for pension plans with benefit obligations in excess of plan assets:      
Multiemployer Plan, Employer Contribution, Cost $ 38,100,000 $ 42,100,000 $ 27,200,000
Multiemployer Plan, Pension, Significant, Surcharge [Fixed List] Yes    
Multiemployer Plan, Pension, Significant, Certified Zone Status [Fixed List] Red Red  
Defined Contribution Plan, Cost $ 38,500,000 $ 35,200,000 31,800,000
Pension and Other Post Retirement Benefit Plans Annual Expense
Annual Expense

The components of pension and other post-retirement benefit plans expense for the U.S. plans and the assumptions used to determine benefit obligations for each of the periods ended December 31, 2024, 2023, and 2022 are as follows:

 Pension BenefitsOther Post-Retirement Benefits
 Periods Ended
December 31,		Periods Ended
December 31,
U.S. Plans202420232022202420232022
Components of net periodic benefit cost (income):      
Service cost$— $— $— $0.5 $0.6 $0.7 
Interest cost— 2.6 20.8 1.5 1.5 0.6 
Expected return on plan assets— (1.6)(44.0)— — — 
Amortization of net (gain) loss— 0.1 — (2.2)(1.7)(1.0)
Amortization of prior service costs(1)
— — 73.5 1.4 (0.8)(0.8)
Settlement loss recognized(2)
— 59.6 33.3 — — — 
Net periodic benefit cost (income)— 60.7 83.6 1.2 (0.4)(0.5)
Other changes recognized in OCI:      
Total recognized in other OCI (income) loss$— $(72.5)$124.4 $— $11.2 $(0.4)
Total recognized in other net periodic benefit and OCI loss (income)$— $(11.8)$208.0 $1.2 $10.8 $(0.9)
Assumptions used to determine net periodic benefit costs:      
Discount rate4.94 %5.22 %2.72 %4.75 %5.03 %1.96 %
Expected return on plan assetsN/AN/A4.00 %N/AN/AN/A
Salary increasesN/AN/AN/AN/AN/AN/A
Medical Assumptions:      
Trend assumed for the yearN/AN/AN/A6.77 %7.25 %7.00 %
Ultimate trend rateN/AN/AN/A4.00 %4.00 %4.50 %
Year that ultimate trend rate is reachedN/AN/AN/A
2048
2048
2047

(1) Due to a plan amendment related to a benefit enhancement, prior service cost amortization of $73.5 was recorded to Other (expense) income during the year ended December 31, 2022.
(2) Due to settlement accounting during the fiscal years ending 2023, and 2022, the Company recognized charges of $59.6, and $33.3, respectively, that were recorded to Other (expense) income.

The Company records the service component of net periodic benefit cost in operating profit and the non-service components of net periodic benefit cost (i.e., interest cost, expected return on plan assets, amortization of prior service cost, special termination benefits, and net actuarial gains or losses) as part of non-operating income.

The components of the pension benefit plan expense for the U.K. plans and the assumptions used to determine benefit obligations for each of the periods ended December 31, 2024, 2023, and 2022 are as follows:
 Pension Benefits
 Periods Ended
December 31,
U.K. Prestwick Plan202420232022
Components of net periodic benefit cost (income):   
Service cost$1.0 $0.8 $1.7 
Interest cost1.8 1.7 1.1 
Expected return on plan assets(2.2)(2.2)(1.7)
Amortization of net loss
0.2 0.2 — 
Settlement gain (loss)— — 0.6 
Net periodic benefit cost (income)$0.8 $0.5 $1.7 
Other changes recognized in OCI:   
Total cost (income) recognized in OCI$2.5 $0.6 $13.9 
Total recognized in net periodic benefit cost and OCI$3.3 $1.1 $15.6 
Assumptions used to determine net periodic benefit costs:   
Discount rate4.80 %4.90 %1.75 %
Expected return on plan assets4.90 %4.90 %2.00 %
Salary increasesN/A3.35 %3.50 %

The components of the pension benefit plan expense for the Belfast plans and the assumptions used to determine benefit obligations for each of the periods ended December 31, 2024, 2023, and 2022 are as follows:

Pension BenefitsOther Post-Retirement Benefits
Periods Ended
December 31,		Periods Ended
December 31,
U.K. Belfast Plans202420232022202420232022
Components of net periodic benefit cost (income):
Service cost$2.1 $1.6 $1.3 $— $— $— 
Interest cost69.5 71.4 39.9 — — — 
Expected return on plan assets(85.2)(78.6)(92.0)— — — 
Amortization of net (gain) loss— — — (0.1)(0.1)— 
Net periodic benefit (income) cost$(13.6)$(5.6)$(50.8)$(0.1)$(0.1)$— 
Other changes recognized in OCI:
Total (income) recognized in OCI$(3.7)$(6.4)$24.7 $0.1 $— $(0.4)
Total recognized in net periodic benefit cost and OCI$(17.3)$(12.0)$(26.1)$— $(0.1)$(0.4)
Assumptions used to determine net periodic benefit costs:
Discount rate4.78 %4.96 %1.80 %4.78 %4.96 %1.80 %
Expected return on plan assets5.70 %5.50 %4.10 %N/AN/AN/A
Salary increasesN/AN/AN/AN/AN/AN/A
Medical Assumptions:
Trend assumed for the yearN/AN/AN/A6.50 %5.95 %5.75 %
Ultimate trend rateN/AN/AN/A6.50 %5.95 %5.75 %
Year that ultimate trend rate is reachedN/AN/AN/AN/AN/AN/A
Assumptions

The Company sets the discount rate assumption annually for each of its retirement-related benefit plans as of the measurement date, based on a review of projected cash flow and a long-term high-quality corporate bond yield curve. The discount rate determined on each measurement date is used to calculate the benefit obligation as of that date, and is also used to calculate the net periodic benefit (income)/cost for the upcoming plan year. During 2015, the mortality assumption for the U.S. plans was updated to Mercer’s MRP-2007 generational mortality tables for non-annuitants and Mercer’s MILES-2010 generational tables for the Auto, Industrial Goods and Transportation group for annuitants both reflecting Mercer’s MMP-2007 improvement scale. In 2018, the Company incorporated the MMP-2018 improvement scale. MMP-2018 is a Mercer-developed scale that uses the same basic model as the Society of Actuaries MP-2018 scale, but with different parameters and adjustments for actual experience since 2006. In 2019, the Company incorporated the MMP-2019 improvement scale which was utilized in 2020. In 2021, the Company incorporated the MMP-2021 improvement scale. MMP-2021 is a Mercer-developed scale that uses the same basic model as the Society of Actuaries MP-2019 scale, but with different parameters and adjustments for actual experience since 2006. A blue collar adjustment is reflected for the hourly union participants and a white collar adjustment is reflected for all other participants. Actuarial gains and losses are amortized using the corridor method. The gain/loss corridor is equal to 10% of the greater of the benefit obligation and the fair value of assets. Gains and losses in excess of the corridor are generally amortized over the average future lifetimes of all participants. For those plans where active participants continue to accrue benefits, the amortization period is the expected future service for the remaining active participants.

The pension expected return on assets assumption is derived from the long-term expected returns based on the investment allocation by class specified in the Company’s investment policy. The expected return on plan assets is a component of the net periodic benefit (income)/cost of the upcoming plan year and is determined on each measurement date using the expected return on assets assumption and the fair value of assets.

Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. To determine the health care cost trend rates the Company considers national health trends and adjusts for its specific plan design and locations. The trend and aging assumptions were updated during 2016 to reflect more current trends. These assumptions were reviewed in 2024 based on a review of updated national health trends.
    
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay 6.00%    
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent 4.00%    
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description The Company’s objective was to manage the assets as appropriate for the near-term termination and closing of the PVP A. The assets were invested solely in cash and diversified taxable fixed income bonds. In the fourth quarter of 2023, the Company applied final settlement accounting to the PVP A. There were no plan assets as of December 31, 2023 and December 31, 2024    
Excess pension plan assets reversion $ 34,000,000.0    
U.K. [Member]      
Information for pension plans with benefit obligations in excess of plan assets:      
Defined Contribution Plan, Cost 5,400,000 4,400,000 3,900,000
U.K. - Belfast [Member]      
Information for pension plans with benefit obligations in excess of plan assets:      
Defined Contribution Plan, Cost $ 4,700,000 2,900,000 1,200,000
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay 8.00%    
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent 8.00%    
U.K. - Belfast New 2021      
Information for pension plans with benefit obligations in excess of plan assets:      
Defined Contribution Plan, Cost $ 22,600,000 21,200,000 18,200,000
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay 8.00%    
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent 8.00%    
Defined Contribution Plan, Employer Discretionary Contribution Amount, first 4 years 5.00%    
Defined Contribution Plan, Employer additional contribution percent 4.00%    
BAE Acquired Participating Employees      
Information for pension plans with benefit obligations in excess of plan assets:      
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay 8.00%    
UNITED STATES      
Change in fair value of plan assets:      
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant $ 0 0  
Defined Benefit Plan, Plan Assets, Payment for Settlement $ 0 $ (501,700,000)  
Belfast | Defined Benefit Plan, Equity Securities      
Information for pension plans with benefit obligations in excess of plan assets:      
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 40.00%    
Belfast | Defined Benefit Plan, Debt Security      
Information for pension plans with benefit obligations in excess of plan assets:      
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 3.00%    
Belfast | Other Debt Obligations      
Information for pension plans with benefit obligations in excess of plan assets:      
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 57.00%    
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage 56.00% 53.00%  
Belfast | Defined Benefit Plan, Real Assets      
Information for pension plans with benefit obligations in excess of plan assets:      
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage 41.00% 39.00%  
Belfast | Money Market Fund [Member]      
Information for pension plans with benefit obligations in excess of plan assets:      
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage 3.00% 8.00%  
UNITED KINGDOM      
Information for pension plans with benefit obligations in excess of plan assets:      
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets $ 0 $ 0  
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage 100.00% 100.00%  
UNITED KINGDOM | Defined Benefit Plan, Equity Securities      
Information for pension plans with benefit obligations in excess of plan assets:      
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage 18.00% 15.00%  
UNITED KINGDOM | Defined Benefit Plan, Debt Security      
Information for pension plans with benefit obligations in excess of plan assets:      
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage 82.00% 80.00%  
UNITED KINGDOM | Employee Benefit Plan, Real Estate      
Information for pension plans with benefit obligations in excess of plan assets:      
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage 0.00% 5.00%  
UNITED KINGDOM | Minimum [Member] | Defined Benefit Plan, Equity Securities      
Information for pension plans with benefit obligations in excess of plan assets:      
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 15.00%    
UNITED KINGDOM | Minimum [Member] | Defined Benefit Plan, Debt Security      
Information for pension plans with benefit obligations in excess of plan assets:      
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 82.00%    
UNITED KINGDOM | Minimum [Member] | Employee Benefit Plan, Real Estate      
Information for pension plans with benefit obligations in excess of plan assets:      
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 1.00%    
UNITED KINGDOM | Maximum [Member] | Defined Benefit Plan, Equity Securities      
Information for pension plans with benefit obligations in excess of plan assets:      
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 17.00%    
UNITED KINGDOM | Maximum [Member] | Defined Benefit Plan, Debt Security      
Information for pension plans with benefit obligations in excess of plan assets:      
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 84.00%    
UNITED KINGDOM | Maximum [Member] | Employee Benefit Plan, Real Estate      
Information for pension plans with benefit obligations in excess of plan assets:      
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 1.00%    
Other Benefits [Member] | UNITED STATES      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement $ 0 $ 0 0
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) 0 0  
Defined Benefit Plan, Amortization of Gain (Loss) (2,200,000) (1,700,000) (1,000,000.0)
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment 0 (9,100,000)  
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax $ 1,200,000 $ (10,800,000) $ 900,000
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 4.75% 5.03% 1.96%
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Beginning balance $ 36,900,000 $ 33,100,000  
Service cost 500,000 600,000 $ 700,000
Interest cost 1,500,000 1,500,000 600,000
Actuarial gains 800,000 500,000  
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment 0 0  
Defined Benefit Plan, Benefit Obligation, Benefits Paid 8,900,000 7,800,000  
Projected benefit obligation at the end of the period 29,800,000 36,900,000 33,100,000
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant $ 600,000 $ 900,000  
Total recognized in other net periodic benefit and OCI loss (income)      
Discount rate 5.02% 4.75%  
Medical Assumptions:      
Trend assumed for the year 6.29% 6.77%  
Ultimate trend rate 4.00% 4.00%  
Year that ultimate trend rate is reached 2048 2048  
Change in fair value of plan assets:      
Beginning balance $ 0 $ 0  
Company contributions 8,300,000 7,000,000.0  
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant 600,000 800,000  
Defined Benefit Plan, Plan Assets, Benefits Paid 8,900,000 7,800,000  
Ending balance 0 0 0
Defined Benefit Plan, Plan Assets, Payment for Settlement 0 0  
Reconciliation of funded status to net amounts recognized:      
Funded status (deficit) (29,800,000) (36,900,000)  
Net amounts recognized (29,800,000) (36,900,000)  
Amounts recognized in balance sheet      
Noncurrent assets 0 0  
Current liabilities (6,100,000) (7,800,000)  
Noncurrent liabilities (23,700,000) (29,100,000)  
Net amounts recognized (29,800,000) (36,900,000)  
Amounts not yet reflected in net periodic benefit cost and included in AOCI:      
Accumulated gain (loss) 5,400,000 5,400,000  
Accumulated other comprehensive income (AOCI) 5,400,000 5,400,000  
Cumulative employer contributions in excess of net periodic benefit cost (35,200,000) (42,300,000)  
Net amount recognized in the balance sheet (29,800,000) (36,900,000)  
Information for pension plans with benefit obligations in excess of plan assets:      
Projected benefit obligation 29,800,000 36,900,000  
Accumulated benefit obligation 0 0  
Defined Benefit Plan, Expected Return (Loss) on Plan Assets 0 0 0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) 1,200,000 (400,000) (500,000)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax 0 11,200,000 (400,000)
Other Benefits [Member] | Belfast      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) 0 0  
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax   100,000 400,000
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Beginning balance 200,000 300,000  
Service cost 0 0  
Interest cost 0 0 0
Actuarial gains 0 0  
Exchange rate changes 0 0  
Projected benefit obligation at the end of the period 200,000 200,000 300,000
Defined Benefit Plan, Benefit Obligation, Expenses paid $ 0 $ 0  
Total recognized in other net periodic benefit and OCI loss (income)      
Discount rate 5.57% 4.78%  
Medical Assumptions:      
Trend assumed for the year 6.75% 6.50%  
Ultimate trend rate 6.75% 6.50%  
Change in fair value of plan assets:      
Beginning balance $ 0 $ 0  
Company contributions 0 0  
Exchange rate changes 0 0  
Defined Benefit Plan, Plan Assets, Benefits Paid 0 0  
Defined Benefit Plan, Other Cost (Credit) 0 100,000  
Defined Benefit Plan, Plan Assets, Administration Expense 0 0  
Ending balance 0 0 0
Reconciliation of funded status to net amounts recognized:      
Funded status (deficit) (200,000) (200,000)  
Net amounts recognized (200,000) (200,000)  
Amounts recognized in balance sheet      
Noncurrent assets 0 0  
Current liabilities 0 0  
Noncurrent liabilities (200,000) (200,000)  
Net amounts recognized (200,000) (200,000)  
Amounts not yet reflected in net periodic benefit cost and included in AOCI:      
Accumulated gain (loss) 300,000 400,000 (400,000)
Accumulated other comprehensive income (AOCI) 300,000 400,000 (400,000)
Cumulative employer contributions in excess of net periodic benefit cost (500,000) (600,000)  
Net amount recognized in the balance sheet (200,000) (200,000)  
Information for pension plans with benefit obligations in excess of plan assets:      
Projected benefit obligation 200,000 200,000  
Accumulated benefit obligation 0 0  
Defined Benefit Plan, Expected Return (Loss) on Plan Assets     0
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax 100,000 0  
Pension Plan [Member] | UNITED STATES      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement 0 (59,600,000) (33,300,000)
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) 0 31,000,000.0  
Defined Benefit Plan, Amortization of Gain (Loss) 0 100,000 0
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment 0 0  
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax $ 0 $ 11,800,000 $ (208,000,000.0)
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 4.94% 5.22% 2.72%
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Beginning balance $ 1,000,000.0 $ 493,300,000  
Service cost 0 0 $ 0
Interest cost 0 2,600,000 20,800,000
Actuarial gains 0 (16,500,000)  
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment 0 (501,700,000)  
Defined Benefit Plan, Benefit Obligation, Benefits Paid 100,000 9,700,000  
Projected benefit obligation at the end of the period 900,000 1,000,000.0 493,300,000
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant $ 0 $ 0  
Total recognized in other net periodic benefit and OCI loss (income)      
Discount rate 5.49% 4.94%  
Change in fair value of plan assets:      
Beginning balance $ 0 $ 670,300,000  
Company contributions 100,000 (189,900,000)  
Defined Benefit Plan, Plan Assets, Benefits Paid 100,000 9,700,000  
Ending balance 0 0 670,300,000
Reconciliation of funded status to net amounts recognized:      
Funded status (deficit) (900,000) (1,000,000.0)  
Net amounts recognized (900,000) (1,000,000.0)  
Amounts recognized in balance sheet      
Noncurrent assets 0 0  
Current liabilities (100,000) (100,000)  
Noncurrent liabilities (800,000) (900,000)  
Net amounts recognized (900,000) (1,000,000.0)  
Amounts not yet reflected in net periodic benefit cost and included in AOCI:      
Accumulated gain (loss) (100,000) (200,000)  
Accumulated other comprehensive income (AOCI) (100,000) (200,000)  
Cumulative employer contributions in excess of net periodic benefit cost (800,000) (800,000)  
Net amount recognized in the balance sheet (900,000) (1,000,000.0)  
Information for pension plans with benefit obligations in excess of plan assets:      
Projected benefit obligation 900,000 1,000,000.0  
Accumulated benefit obligation 900,000 1,000,000.0  
Defined Benefit Plan, Expected Return (Loss) on Plan Assets 0 (1,600,000) (44,000,000.0)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) 0 60,700,000 $ 83,600,000
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets     4.00%
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax 0 (72,500,000) $ 124,400,000
Pension Plan [Member] | Belfast      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) (50,000,000.0) 80,800,000  
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax $ (17,300,000) $ 12,000,000.0 $ 26,100,000
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 4.78% 4.96% 1.80%
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Beginning balance $ 1,491,600,000 $ 1,407,600,000  
Service cost 2,100,000 1,600,000 $ 1,300,000
Interest cost 69,500,000 71,400,000 39,900,000
Actuarial gains 139,100,000 4,400,000  
Exchange rate changes (22,400,000) 75,700,000  
Projected benefit obligation at the end of the period 1,337,600,000 1,491,600,000 1,407,600,000
Defined Benefit Plan, Benefit Obligation, Expenses paid $ (2,100,000) $ (1,600,000)  
Total recognized in other net periodic benefit and OCI loss (income)      
Discount rate 5.57% 4.78%  
Change in fair value of plan assets:      
Beginning balance $ 1,516,700,000 $ 1,417,800,000  
Company contributions 1,900,000 1,900,000  
Exchange rate changes 23,300,000 (76,500,000)  
Defined Benefit Plan, Plan Assets, Benefits Paid 62,000,000.0 58,700,000  
Defined Benefit Plan, Plan Assets, Administration Expense (2,100,000) (1,600,000)  
Ending balance 1,381,200,000 1,516,700,000 1,417,800,000
Reconciliation of funded status to net amounts recognized:      
Funded status (deficit) 43,600,000 25,100,000  
Net amounts recognized 43,600,000 25,100,000  
Amounts recognized in balance sheet      
Noncurrent assets 43,600,000 25,100,000  
Current liabilities 0 0  
Noncurrent liabilities 0 0  
Net amounts recognized 43,600,000 25,100,000  
Amounts not yet reflected in net periodic benefit cost and included in AOCI:      
Accumulated gain (loss) 7,000,000.0 3,300,000 24,700,000
Accumulated other comprehensive income (AOCI) 7,000,000.0 3,300,000 24,700,000
Cumulative employer contributions in excess of net periodic benefit cost 36,600,000 21,800,000  
Net amount recognized in the balance sheet 43,600,000 25,100,000  
Information for pension plans with benefit obligations in excess of plan assets:      
Projected benefit obligation 0 0  
Accumulated benefit obligation 0 0  
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Fair value of assets $ 0 $ 0  
Defined Benefit Plan, Expected Return (Loss) on Plan Assets     (92,000,000.0)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)     $ (50,800,000)
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets 5.70% 5.50% 4.10%
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax $ (3,700,000) $ (6,400,000)  
Bombardier Acquisition Pension Contributions   154,700,000  
Bombardier Acquisition One-time Special Pension Contribution   137,600,000  
Pension Plan [Member] | UNITED KINGDOM      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement 0 0 $ (600,000)
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) (4,900,000) 1,600,000  
Defined Benefit Plan, Amortization of Gain (Loss) 200,000 200,000  
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax $ 3,300,000 $ (1,100,000) $ (15,600,000)
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 4.80% 4.90% 1.75%
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Beginning balance $ 37,700,000 $ 35,500,000  
Service cost 1,000,000.0 800,000 $ 1,700,000
Interest cost 1,800,000 1,700,000 1,100,000
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment 0 0  
Actuarial gains 4,200,000 200,000  
Defined Benefit Plan, Benefit Obligation, Benefits Paid 1,100,000 1,200,000  
Exchange rate changes (600,000) 1,900,000  
Projected benefit obligation at the end of the period $ 33,600,000 $ 37,700,000 35,500,000
Total recognized in other net periodic benefit and OCI loss (income)      
Discount rate 5.60% 4.80%  
Change in fair value of plan assets:      
Beginning balance $ 46,100,000 $ 44,100,000  
Company contributions 1,000,000.0 0  
Exchange rate changes (700,000) 2,400,000  
Defined Benefit Plan, Plan Assets, Benefits Paid 1,100,000 1,200,000  
Defined Benefit Plan, Plan Assets, Administration Expense (1,000,000.0) (800,000)  
Ending balance 39,400,000 46,100,000 44,100,000
Defined Benefit Plan, Plan Assets, Payment for Settlement 0 0  
Reconciliation of funded status to net amounts recognized:      
Funded status (deficit) 5,800,000 8,400,000  
Net amounts recognized 5,800,000 8,400,000  
Amounts recognized in balance sheet      
Noncurrent assets 5,800,000 8,400,000  
Liability, Defined Benefit Plan 0 0  
Net amounts recognized 5,800,000 8,400,000  
Amounts not yet reflected in net periodic benefit cost and included in AOCI:      
Accumulated gain (loss) (13,100,000) (10,600,000)  
Accumulated other comprehensive income (AOCI) (13,100,000) (10,600,000)  
Cumulative employer contributions in excess of net periodic benefit cost 18,900,000 19,000,000.0  
Net amount recognized in the balance sheet 5,800,000 8,400,000  
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation 0 0  
Information for pension plans with benefit obligations in excess of plan assets:      
Accumulated benefit obligation 0 0  
Defined Benefit Plan, Expected Return (Loss) on Plan Assets (2,200,000) (2,200,000) (1,700,000)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) $ 800,000 $ 500,000 $ 1,700,000
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets 4.90% 4.90% 2.00%
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax $ 2,500,000 $ 600,000 $ 13,900,000
PVP A | UNITED STATES      
Information for pension plans with benefit obligations in excess of plan assets:      
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment (34,700,000)    
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment $ 34,700,000    
Shorts pension | UNITED STATES      
Information for pension plans with benefit obligations in excess of plan assets:      
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment   (61,000,000.0)  
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment   $ 61,000,000.0  
Annual Expense [Member] | Other Benefits [Member] | UNITED STATES      
Medical Assumptions:      
Trend assumed for the year 6.77% 7.25% 7.00%
Ultimate trend rate 4.00% 4.00% 4.50%
Year that ultimate trend rate is reached 2048 2048 2047
Annual Expense [Member] | Other Benefits [Member] | Belfast      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Amortization of Gain (Loss) $ (100,000)    
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax $ 0    
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 4.78% 4.96% 1.80%
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Service cost $ 0 $ 0 $ 0
Interest cost $ 0 $ 0  
Medical Assumptions:      
Trend assumed for the year 6.50% 5.95% 5.75%
Ultimate trend rate 6.50% 5.95% 5.75%
Information for pension plans with benefit obligations in excess of plan assets:      
Defined Benefit Plan, Expected Return (Loss) on Plan Assets $ 0 $ 0  
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) (100,000) (100,000) $ 0
Annual Expense [Member] | Pension Plan [Member] | Belfast      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Service cost 2,100,000 1,600,000  
Interest cost 69,500,000 71,400,000  
Information for pension plans with benefit obligations in excess of plan assets:      
Defined Benefit Plan, Expected Return (Loss) on Plan Assets (85,200,000) (78,600,000)  
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) $ (13,600,000) $ (5,600,000)  
Annual Expense [Member] | Pension Plan [Member] | UNITED KINGDOM      
Total recognized in other net periodic benefit and OCI loss (income)      
Salary increases   3.35% 3.50%
v3.25.0.1
Pension and Other Post Retirement Benefits (Details 1)
 12 Months Ended
Dec. 31, 2024
USD ($)
uSDollarPerHour
Dec. 31, 2023
USD ($)
uSDollarPerHour
Dec. 31, 2022
USD ($)
Multiemployer Plans [Line Items]      
IAM Level of Contribution per hour until June 2019 1.95    
IAM Level of Contribution per hour Effective July 2019 2.00    
EIN/Pensions plan number 51-60321295    
FIP RP Status Yes    
Year Company Contributions Exceed 5 Percent 2022, 2023, 2024    
Multiple-Employer Plan Accounted for as Multiemployer Plan, Plan Name IAM National Pension Fund    
Multiemployer Plan, Pension, Significant, Certified Zone Status [Fixed List] Red Red  
Multiemployer Plan, Employer Contribution, Cost | $ $ 38,100,000 $ 42,100,000 $ 27,200,000
Multiemployer Plan, Pension, Significant, Surcharge [Fixed List] Yes    
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date IAM June 20, 2027, November 13, 2027UAW December 7, 2025    
Defined Contribution Plan Disclosure [Line Items]      
Defined Contribution Plan, Cost | $ $ 38,500,000 $ 35,200,000 $ 31,800,000
2019 [Member]      
Multiemployer Plans [Line Items]      
UAW Level of Contribution per hour   1.75  
2020 [Member]      
Multiemployer Plans [Line Items]      
UAW Level of Contribution per hour 1.75    
Other Benefits [Member]      
Multiemployer Plans [Line Items]      
Description of Multiemployer Plan Other Post-Retirement Benefit PlansThe Company also has post-retirement health care coverage for eligible U.S. retirees and qualifying dependents prior to age 65. Eligibility for employer-provided benefits is limited to those employees who were employed at the date of the Boeing Acquisition and retire on or after attainment of age 62 and 10 years of service. Employees who do not satisfy these eligibility requirements can retire with post-retirement medical benefits at age 55 and 10 years of service, but they must pay the full cost of medical benefits provided.The June 30, 2023 collective bargaining agreement with IAM resulted in a change in eligibly requirements for employees represented under this agreement. Under the agreement, eligibility for employer-provided benefits is limited to those employees who were employed at the date of the Boeing Acquisition and retire on or after attainment of age 59.5 within 4 years after June 26, 2023 and 10 years of service. This change resulted in a $9.1 increase to the projected benefit obligation during the twelve months ended December 31, 2023.On October 30, 2020, as part of the Bombardier Acquisition, the Company acquired a post-retirement medical plan for certain former employees at the Belfast location. Eligibility for this plan is closed and no further participants in the plan are expected.    
v3.25.0.1
Pension and Other Post Retirement Plans (Details 2) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
UNITED STATES | Other Benefits [Member]      
Components of net periodic benefit cost (income):      
Service cost $ 0.5 $ 0.6 $ 0.7
Interest cost 1.5 1.5 0.6
Expected return on plan assets 0.0 0.0 0.0
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) 1.4 (0.8) (0.8)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement 0.0 0.0 0.0
Net periodic benefit cost (income) 1.2 (0.4) (0.5)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax 0.0 11.2 (0.4)
Defined Benefit Plan, Amortization of Gain (Loss) 2.2 1.7 1.0
Other changes recognized in OCI:      
Total recognized in net periodic benefit cost and OCI $ (1.2) $ 10.8 $ (0.9)
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 4.75% 5.03% 1.96%
Medical Assumptions:      
Trend assumed for the year 6.29% 6.77%  
Ultimate trend rate 4.00% 4.00%  
Year that ultimate trend rate is reached 2048 2048  
UNITED STATES | Pension Plan [Member]      
Components of net periodic benefit cost (income):      
Service cost $ 0.0 $ 0.0 $ 0.0
Interest cost 0.0 2.6 20.8
Expected return on plan assets 0.0 (1.6) (44.0)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) 0.0 0.0 73.5
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement 0.0 59.6 33.3
Net periodic benefit cost (income) 0.0 60.7 83.6
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax 0.0 (72.5) 124.4
Defined Benefit Plan, Amortization of Gain (Loss) 0.0 (0.1) 0.0
Other changes recognized in OCI:      
Total recognized in net periodic benefit cost and OCI $ 0.0 $ (11.8) $ 208.0
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 4.94% 5.22% 2.72%
Total recognized in other net periodic benefit and OCI loss (income)      
Expected return on plan assets     4.00%
UNITED KINGDOM | Pension Plan [Member]      
Components of net periodic benefit cost (income):      
Service cost $ 1.0 $ 0.8 $ 1.7
Interest cost 1.8 1.7 1.1
Expected return on plan assets (2.2) (2.2) (1.7)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement 0.0 0.0 0.6
Net periodic benefit cost (income) 0.8 0.5 1.7
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax 2.5 0.6 13.9
Defined Benefit Plan, Amortization of Gain (Loss) (0.2) (0.2)  
Other changes recognized in OCI:      
Total recognized in net periodic benefit cost and OCI $ (3.3) $ 1.1 $ 15.6
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 4.80% 4.90% 1.75%
Total recognized in other net periodic benefit and OCI loss (income)      
Expected return on plan assets 4.90% 4.90% 2.00%
v3.25.0.1
Pension and Other Post Retirement Plans (Details 3) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months $ 0.1    
Defined Benefit Plan, Expected Future Benefit Payment, Year Two 0.1    
Defined Benefit Plan, Expected Future Benefit Payment, Year Three 0.1    
Defined Benefit Plan, Expected Future Benefit Payment, Year Four 0.1    
Defined Benefit Plan, Expected Future Benefit Payment, Year Five 0.1    
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter 0.4    
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) 0.0 $ (0.0) $ (73.5)
UNITED STATES | Other Benefits [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months 6.1    
Defined Benefit Plan, Expected Future Benefit Payment, Year Two 5.9    
Defined Benefit Plan, Expected Future Benefit Payment, Year Three 5.6    
Defined Benefit Plan, Expected Future Benefit Payment, Year Four 4.9    
Defined Benefit Plan, Expected Future Benefit Payment, Year Five 3.9    
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter 7.7    
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) (1.4) $ 0.8 $ 0.8
Belfast | Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months 55.9    
Defined Benefit Plan, Expected Future Benefit Payment, Year Two 61.2    
Defined Benefit Plan, Expected Future Benefit Payment, Year Three 65.6    
Defined Benefit Plan, Expected Future Benefit Payment, Year Four 72.2    
Defined Benefit Plan, Expected Future Benefit Payment, Year Five 77.3    
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter 443.7    
Belfast | Other Benefits [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months 0.0    
Defined Benefit Plan, Expected Future Benefit Payment, Year Two 0.0    
Defined Benefit Plan, Expected Future Benefit Payment, Year Three 0.0    
Defined Benefit Plan, Expected Future Benefit Payment, Year Four 0.0    
Defined Benefit Plan, Expected Future Benefit Payment, Year Five 0.0    
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter $ 0.1    
Belfast | Defined Benefit Plan, Real Assets      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage 41.00% 39.00%  
Belfast | Other Debt Obligations      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage 56.00% 53.00%  
Belfast | Money Market Fund [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage 3.00% 8.00%  
UNITED KINGDOM      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage 100.00% 100.00%  
UNITED KINGDOM | Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months $ 1.0    
Defined Benefit Plan, Expected Future Benefit Payment, Year Two 1.2    
Defined Benefit Plan, Expected Future Benefit Payment, Year Three 1.5    
Defined Benefit Plan, Expected Future Benefit Payment, Year Four 1.6    
Defined Benefit Plan, Expected Future Benefit Payment, Year Five 1.7    
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter $ 9.7    
UNITED KINGDOM | Defined Benefit Plan, Equity Securities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage 18.00% 15.00%  
UNITED KINGDOM | Defined Benefit Plan, Debt Security      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage 82.00% 80.00%  
UNITED KINGDOM | Employee Benefit Plan, Real Estate      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage 0.00% 5.00%  
v3.25.0.1
Pension and Other Post Retirement Plans (Details 4)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Defined Benefit Plan Disclosure [Line Items]  
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year, Description Required U.S. pension contributions under Employee Retirement Income Security Act (ERISA) regulations are expected to be zero in 2025 and discretionary contributions are not expected in 2025. SERP and post-retirement medical plan contributions in 2025 are expected to be $6.2. Expected contributions to the U.K. Prestwick plan for 2025 are $0.9. Expected contributions to the U.K. (Belfast) plans for 2025 are $1.9.
Pension Plan [Member] | UNITED STATES  
Defined Benefit Plan Disclosure [Line Items]  
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months $ 0.1
Defined Benefit Plan, Expected Future Benefit Payment, Year Two 0.1
Defined Benefit Plan, Expected Future Benefit Payment, Year Three 0.1
Defined Benefit Plan, Expected Future Benefit Payment, Year Four 0.1
Defined Benefit Plan, Expected Future Benefit Payment, Year Five 0.1
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter 0.4
Pension Plan [Member] | UNITED KINGDOM  
Defined Benefit Plan Disclosure [Line Items]  
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months 1.0
Defined Benefit Plan, Expected Future Benefit Payment, Year Two 1.2
Defined Benefit Plan, Expected Future Benefit Payment, Year Three 1.5
Defined Benefit Plan, Expected Future Benefit Payment, Year Four 1.6
Defined Benefit Plan, Expected Future Benefit Payment, Year Five 1.7
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter 9.7
Pension Plan [Member] | Belfast  
Defined Benefit Plan Disclosure [Line Items]  
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months 55.9
Defined Benefit Plan, Expected Future Benefit Payment, Year Two 61.2
Defined Benefit Plan, Expected Future Benefit Payment, Year Three 65.6
Defined Benefit Plan, Expected Future Benefit Payment, Year Four 72.2
Defined Benefit Plan, Expected Future Benefit Payment, Year Five 77.3
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter 443.7
Other Benefits [Member] | UNITED STATES  
Defined Benefit Plan Disclosure [Line Items]  
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months 6.1
Defined Benefit Plan, Expected Future Benefit Payment, Year Two 5.9
Defined Benefit Plan, Expected Future Benefit Payment, Year Three 5.6
Defined Benefit Plan, Expected Future Benefit Payment, Year Four 4.9
Defined Benefit Plan, Expected Future Benefit Payment, Year Five 3.9
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter 7.7
Other Benefits [Member] | Belfast  
Defined Benefit Plan Disclosure [Line Items]  
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months 0.0
Defined Benefit Plan, Expected Future Benefit Payment, Year Two 0.0
Defined Benefit Plan, Expected Future Benefit Payment, Year Three 0.0
Defined Benefit Plan, Expected Future Benefit Payment, Year Four 0.0
Defined Benefit Plan, Expected Future Benefit Payment, Year Five 0.0
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter $ 0.1
v3.25.0.1
Pension and Other Post Retirement Plans (Details 5) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) $ 0.0 $ 0.1
UNITED KINGDOM    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage 100.00% 100.00%
Temporary Cash Investments [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Plan Assets, Amount $ 40.5 $ 126.9
Collective Investment Trusts [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Plan Assets, Amount 38.9 45.7
Commingled Equity Bond Funds [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Plan Assets, Amount 1,326.8 1,375.4
Total [Member]    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning Fair Value 1,548.0  
Ending Fair Value 1,406.2 1,548.0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Temporary Cash Investments [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Plan Assets, Amount 40.5 126.9
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Collective Investment Trusts [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Plan Assets, Amount 0.0 0.0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Commingled Equity Bond Funds [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Plan Assets, Amount 552.8 583.2
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Total [Member]    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning Fair Value 710.1  
Ending Fair Value 593.3 710.1
Significant Other Observable Inputs (Level 2) [Member] | Temporary Cash Investments [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Plan Assets, Amount 0.0 0.0
Significant Other Observable Inputs (Level 2) [Member] | Collective Investment Trusts [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Plan Assets, Amount 38.9 44.3
Significant Other Observable Inputs (Level 2) [Member] | Commingled Equity Bond Funds [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Plan Assets, Amount 772.1 791.0
Significant Other Observable Inputs (Level 2) [Member] | Total [Member]    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning Fair Value 835.3  
Ending Fair Value 811.0 835.3
Significant Unobservable Inputs (Level 3) [Member] | Temporary Cash Investments [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Plan Assets, Amount 0.0 0.0
Significant Unobservable Inputs (Level 3) [Member] | Collective Investment Trusts [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Plan Assets, Amount 0.0 1.4
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning Fair Value 1.4 1.5
Purchases 0.0 0.0
Gain (loss) (1.4) (0.2)
Ending Fair Value 0.0 1.4
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) 0.0 0.0
Significant Unobservable Inputs (Level 3) [Member] | Commingled Equity Bond Funds [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Plan Assets, Amount 1.9 1.2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning Fair Value 1.2 0.0
Purchases   0.0
Gain (loss) (0.6) 0.0
Ending Fair Value 1.9 1.2
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) 1.3 1.2
Significant Unobservable Inputs (Level 3) [Member] | Total [Member]    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning Fair Value 2.6 1.5
Purchases 0.0 0.0
Gain (loss) (2.0) (0.2)
Ending Fair Value 1.9 2.6
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) $ 1.3 $ 1.2
v3.25.0.1
Pension and Other Post Retirement Plans (Details 6) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]      
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay 6.00%    
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent 4.00%    
Statement Defined Contribution Plans [Line Items]      
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date IAM June 20, 2027, November 13, 2027UAW December 7, 2025    
Multiple-Employer Plan Accounted for as Multiemployer Plan, Plan Name IAM National Pension Fund    
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rate [Abstract]      
Defined Contribution Plan, Cost $ 38.5 $ 35.2 $ 31.8
U.K. [Member]      
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rate [Abstract]      
Defined Contribution Plan, Cost $ 5.4 4.4 3.9
U.K. - Belfast [Member]      
Retirement Benefits [Abstract]      
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay 8.00%    
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent 8.00%    
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rate [Abstract]      
Defined Contribution Plan, Cost $ 4.7 $ 2.9 $ 1.2
v3.25.0.1
Capital Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Class Of Stock [Line Items]      
Total Shares Authorized 210,000,000    
Preferred Stock, Shares Authorized 10,000,000 10,000,000  
Preferred Stock, Par Value $ 0.01 $ 0.01  
Phantom Stock Value Per Share $ 3.33    
SERP units 0 0 16,023
Share Repurchase Program, Remaining Authorized, Amount $ 925.0    
Common Stock, Voting Rights one vote per share    
Stock Repurchased and Retired During Period, Shares 0    
Proceeds from Issuance of Common Stock $ 0.0 $ 220.7 $ 0.0
Company recognized total stock compensation expense, net of forfeitures $ 38.1 $ 29.2 $ 36.6
Union ratification stock awards      
Class Of Stock [Line Items]      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures 0 22,594  
Share-based Payment Arrangement, Expense $ 0.0 $ 0.6  
Restricted Stock Units (RSUs) [Member] | LTIP      
Class Of Stock [Line Items]      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures 816,238 1,229,552 553,578
Share-based Payment Arrangement | LTIP      
Class Of Stock [Line Items]      
Fair Value Of Shares Granted $ 25.2 $ 29.6 $ 24.0
Performance Shares | LTIP      
Class Of Stock [Line Items]      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures 388,386 463,939 284,653
Fair Value Of Shares Granted $ 14.9 $ 20.1 $ 22.0
Class A [Member]      
Class Of Stock [Line Items]      
Common Stock, Shares Authorized 200,000,000 200,000,000  
Common Stock, Par Value $ 0.01 $ 0.01  
Class B [Member]      
Class Of Stock [Line Items]      
Common Stock, Shares Authorized 0 0  
Common Stock, Par Value $ 0 $ 0  
v3.25.0.1
Stock Compensation (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Company recognized total stock compensation expense, net of forfeitures $ 38.1 $ 29.2 $ 36.6
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Nonvested, beginning balance 100,000 400,000  
Nonvested, ending balance 0.0 100,000 400,000
Restricted Share Activity [Roll Forward]      
Stock Issued During Period, Value, Employee Stock Purchase Plan $ 7.6   $ 3.9
Stock Issued During Period, Value, Employee Stock Purchase Plan 7.6   3.9
Share Based Compensation, excluding ESPP 36.1 $ 26.8  
Director Stock Plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Payment Arrangement, Expense $ 2.0 $ 2.0 $ 1.6
Intrinsic value of the unvested $ 2,100,000    
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition 4 months    
Number of shares granted 61,000 81,000 68,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized $ 0.7    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Nonvested, beginning balance 81,000 63,000 36,000
Vested during period (82,000) (63,000) (41,000)
Forfeited during period 0 0 0
Nonvested, ending balance 60,000 81,000 63,000
Restricted Share Activity [Roll Forward]      
Nonvested, beginning balance, value $ 2.0 $ 2.0 $ 1.6
Granted during period, value 2.0 2.0 2.2
Vested during period, value (2.0) (2.0) (1.8)
Forfeited during period, value 0.0 0.0 0.0
Nonvested, ending balance, value $ 2.0 2.0 2.0
Long Term Incentive Plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Intrinsic value of the unvested $ 50,900,000    
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition 1 year 8 months 12 days    
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized $ 29.3    
Long Term Incentive Plan [Member] | Class A [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Payment Arrangement, Expense $ 34.1 $ 24.2 $ 32.1
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Nonvested, beginning balance 2,079,000 1,703,000 1,402,000
Granted during period 1,204,000 1,694,000 839,000
Vested during period (1,319,000) (494,000) (396,000)
Forfeited during period (484,000) (824,000) (142,000)
Nonvested, ending balance 1,480,000 2,079,000 1,703,000
Restricted Share Activity [Roll Forward]      
Nonvested, beginning balance, value $ 70.0 $ 82.7 $ 68.9
Granted during period, value 40.1 49.7 46.0
Vested during period, value (47.6) (23.8) (20.6)
Forfeited during period, value (20.7) (38.6) (11.6)
Nonvested, ending balance, value $ 41.8 $ 70.0 $ 82.7
Restricted Stock Units (RSUs) [Member] | LTIP      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares granted 816,238 1,229,552 553,578
Share-based Payment Arrangement | LTIP      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Grant Date Of Fair Value Of Shares Granted $ 25.2 $ 29.6 $ 24.0
Performance Shares | LTIP      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares granted 388,386 463,939 284,653
Grant Date Of Fair Value Of Shares Granted $ 14.9 $ 20.1 $ 22.0
Union ratification stock awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Payment Arrangement, Expense $ 0.0 $ 0.6  
Number of shares granted 0 22,594  
Employee Stock      
Restricted Share Activity [Roll Forward]      
Stock Issued During Period, Value, Employee Stock Purchase Plan $ 2.0 $ 2.5 0.0
Stock Issued During Period, Value, Employee Stock Purchase Plan $ 2.0 $ 2.5 $ 0.0
v3.25.0.1
Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Loss Carryforwards [Line Items]        
Valuation Allowances and Reserves, Corporate rate remeasurement $ (0.3) $ 0.5 $ (0.2)  
Summary Pretax Income [Abstract]        
U.S. (1,581.3) (329.7) (467.2)  
International (560.3) (263.6) (72.2)  
Loss before income taxes and equity in net income (loss) of affiliates (2,141.6) (593.3) (539.4)  
Valuation Allowance, Deferred Tax Asset, Change in Amount (10.0) 7.8 18.3  
Valuation Allowances and Reserves, Depreciation and Amortization 0.1 0.2 0.2  
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities 3.0 0.0 0.0  
Valuation Allowances and Reserves, Other (25.7) 4.6 (3.0)  
Valuation Allowances and Reserves, Other comprehensive income adjustment (1.1) (1.9) 7.3  
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount 1,380.5 867.4 714.7 $ 536.8
Valuation Allowances and Reserves, Net operating losses 547.1 141.5 155.3  
Deferred Tax Assets, Gross 1,372.8 858.4    
Current        
Federal 0.1 1.4 (4.5)  
State (11.0) 0.0 (0.7)  
Foreign 4.2 2.7 1.7  
Total current (6.7) 4.1 (3.5)  
Deferred        
Federal 2.0 11.1 10.2  
State (1.5) 3.2 2.5  
Foreign 3.8 4.1 (4.0)  
Total Deferred 4.3 18.4 8.7  
Total income tax provision (benefit) (2.4) 22.5 5.2  
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]        
Tax at U.S. Federal statutory rate (449.7) (124.6) (113.3)  
State income taxes, net of Federal benefit (51.1) (6.4) (9.6)  
State income tax credits, net of Federal benefit (1.4) (8.6) (15.6)  
Foreign rate differences (25.5) (12.1) (3.5)  
Research and experimentation (4.8) (4.2) (5.2)  
Valuation Allowance - U.S. Deferred Tax Asset 514.3 154.5 170.6  
Other 2.7 15.1 (3.3)  
Total income tax provision (benefit) $ (2.4) $ 22.5 $ 5.2  
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]        
Tax at U.S. Federal statutory rate 21.00% 21.00% 21.00%  
State income taxes, net of Federal benefit 2.40% 1.10% 1.80%  
State income tax credits, net of Federal benefit 0.00% 1.40% 2.90%  
Foreign rate differences 1.20% 2.00% 0.60%  
Research and experimentation (0.20%) (0.70%) (1.00%)  
Valuation Allowance - U.S. Deferred Tax Asset (24.00%) (26.00%) (31.60%)  
Other (0.10%) (2.50%) 0.60%  
Effective Income Tax Rate Reconciliation, Percent 0.10% (3.80%) (1.00%)  
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount $ 2.1 $ (0.3) $ (10.6)  
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent (0.10%) 0.10% 2.00%  
Effective Income Tax Rate Reconciliation, Excess Tax Benefit $ 0.0 $ 0.9 $ 0.4  
EffectiveTaxRateRecon, ExcessTaxBenefit, Percentage 0.00% (0.20%) (0.10%)  
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount $ 10.2 $ 17.2 $ 4.2  
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent (0.50%) (2.90%) (0.80%)  
Deferred Tax Assets, Tax Deferred Expense [Abstract]        
Depreciation and amortization $ (39.0) $ 125.3    
Net operating loss carryforward 36.3 26.9    
Deferred Tax Liabilities, Other (27.5) (15.9)    
Accruals and reserves (45.4) (87.7)    
Employee compensation accruals 0.6 0.9    
Pension and other employee benefit plans 1,084.0 489.7    
Deferred Tax Asset, Interest Carryforward 116.4 89.9    
Deferred Tax Assets, State Taxes 143.6 154.1    
Interest expense limitation 59.3 47.3    
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Other 7.4 8.9    
Deferred Tax Assets, Tax Deferred Expense, Other 37.3 19.7    
Net deferred tax asset before valuation allowance 1,372.8 858.4    
Deferred Tax Liabilities, Net 7.7 9.0    
Unrecognized Tax Benefits [Roll Forward]        
Beginning Balance 7.1 8.1 $ 18.3  
Gross increases (decreases) related to current period tax positions 0.4   0.4  
Gross increases related to prior period tax positions 2.3 0.0 0.0  
Statute of limitations’ expiration 0.0 (0.6) (10.6)  
Ending Balance 9.8 7.1 8.1  
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions   (0.4)    
Tax Credit Carryforward [Line Items]        
Unrecognized Tax Benefits that Would Impact Effective Tax Rate 8.1      
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]        
Unrecognized Tax Benefits 9.8 7.1 8.1 $ 18.3
Unrecognized Tax Benefits that Would Impact Effective Tax Rate 8.1      
Deferred Tax Assets, Valuation Allowance 1,380.5 867.4    
Deferred Tax Assets, Net of Valuation Allowance 0.1 0.1    
Deferred Tax Liabilities, Gross 7.8 9.1    
Net non-current deferred tax asset (liability) (7.7) (9.0)    
Deferred Tax Assets, Valuation Allowance 1,380.5 867.4    
U.S. Deferred Tax Assets, Net of Valuation Allowance 0.1      
Effective Income Tax Rate Reconciliation, Re-measurement of Deferred Taxes, Amount $ 0.8 $ (9.0) $ (7.1)  
Effective Income Tax Rate Reconciliation, Re-measurement of Deferred Taxes, Percent 0.00% 1.50% 1.30%  
Effective Income Tax Rate Reconciliation, GILTI, Percent 0.00% 0.00% 0.30%  
Effective Income Tax Rate Reconciliation, GILTI, Amount $ 0.0 $ 0.0 $ (1.8)  
Deferred Tax Liabilities Interest Swap Contracts (0.2) $ (0.7)    
Foreign Tax Jurisdiction [Member]        
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]        
Deferred Tax Assets, Valuation Allowance 504.0      
Deferred Tax Assets, Valuation Allowance 504.0      
Domestic Tax Jurisdiction [Member]        
Summary Pretax Income [Abstract]        
Deferred Tax Assets, Gross 876.5      
Deferred Tax Assets, Tax Deferred Expense [Abstract]        
Net deferred tax asset before valuation allowance 876.5      
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]        
Deferred Tax Assets, Valuation Allowance 876.6      
Deferred Tax Assets, Valuation Allowance $ 876.6      
v3.25.0.1
Income Taxes (Details Textuals) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Unrecognized Tax Benefits that Would Impact Effective Tax Rate $ 8.1    
Effective Income Tax Rate Reconciliation, Percent 0.10% (3.80%) (1.00%)
Deferred Tax Liabilities, Net $ 7.7 $ 9.0  
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]      
Unrecognized Tax Benefits that Would Impact Effective Tax Rate $ 8.1    
v3.25.0.1
Equity (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Equity [Abstract]      
Accumulated Other Comprehensive Income (Loss) $ (100.1) $ (89.6)  
Class of Stock [Line Items]      
Employee Stock Purchase Plan, Number of Allocated Shares 4,500,000    
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]      
Preferred Stock, Shares Authorized 10,000,000 10,000,000  
Basic and Diluted Earnings per share      
Common Stock, Dividends, Per Share, Declared $ 0.00 $ 0.00 $ 0.03
Issued But Unvested Shares (in shares) 0.0 100,000 400,000
Noncontrolling interest $ 5.5 $ 3.8  
Payments of Dividends $ 0.0 $ 0.0 $ 4.2
Basic EPS      
(Loss) income available to common shareholders     $ (545.7)
(Loss) income available to common shareholders (in shares) 116,800,000 106,600,000 104,600,000
Earnings Per Share, Basic $ (18.32) $ (5.78) $ (5.21)
Income allocated to participating securities $ 0.0 $ 0.0 $ 0.0
Income allocated to participating securities, shares 0 0 0
Net loss $ (2,139.8) $ (616.2) $ (545.7)
Diluted potential common shares (in shares)
Diluted EPS      
Net income $ (2,139.8) $ (616.2) $ (545.7)
Shares 116,800,000 106,600,000 104,600,000
(Loss) earnings per share, diluted (in dollars per share) $ (18.32) $ (5.78) $ (5.21)
Employee stock purchase plan, remaining shares 3,361,044    
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Accumulated Other Comprehensive Income (Loss) $ (100.1) $ (89.6)  
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax $ 0.7 $ 2.2  
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation 358,194    
Equity, Class of Treasury Stock [Line Items]      
Common Stock, Dividends, Per Share, Declared $ 0.00 $ 0.00 $ 0.03
Issued But Unvested Shares (in shares) 0.0 100,000 400,000
Noncontrolling interest $ 5.5 $ 3.8  
Payments of Dividends 0.0 0.0 $ 4.2
Noncontrolling Interest [Line Items]      
Stockholders' Equity Attributable to Noncontrolling Interest 5.5 3.8  
Noncontrolling Interest - SEAS 4.1    
Noncontrolling Interest - KIESC 1.4    
Proceeds from Issuance of Common Stock 0.0 220.7 $ 0.0
Foreign Currency Impact On Long Term Intercompany Loan [Member]      
Equity [Abstract]      
Accumulated Other Comprehensive Income (Loss) (15.2) (14.6)  
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Accumulated Other Comprehensive Income (Loss) $ (15.2) $ (14.6)  
Common Class A [Member]      
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]      
Common Stock, Shares Authorized 200,000,000 200,000,000  
Class B [Member]      
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]      
Common Stock, Shares Authorized 0 0  
v3.25.0.1
Commitments, Contingencies and Guarantees (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Contingencies [Line Items]        
Valuation allowance $ (1,380.5) $ (867.4)    
Service warranty roll forward        
Charges to costs and expenses 6.8 10.2 $ 6.7  
Product Warranty Accrual, Payments (2.7) (2.7) (2.7)  
Exchange rate (0.1) 0.3 (0.4)  
Product Warranty And Extraordinary Rework, Ending Balance 86.7 82.7 74.9  
Commitments Contingencies And Guarantees Textuals [Abstract]        
Capital Commitments 196.4 129.8    
Outstanding Amount Of Guarantees 24.9 23.1    
Restricted Cash and Investments, Noncurrent 29.5 22.3 $ 19.6 $ 19.5
Product Liability Accrual, Component Amount 2.3 2.3    
Product Liability Contingency, Loss Exposure in Excess of Accrual, Best Estimate 3.4 3.4    
Industrial Revenue Bond [Member]        
Commitments Contingencies And Guarantees Textuals [Abstract]        
Tax Exempt Bonds $ 284.7 $ 333.7    
v3.25.0.1
Other Income (Expense), Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Nonoperating Income (Expense) [Abstract]      
Kansas Development Finance Authority bond $ 3.8 $ 2.9 $ 2.4
Pension Income (Expense) without Service Cost 15.3 (52.0) (30.2)
Interest Income, Other 9.5 12.9 6.2
Other Income 4.5 (0.7) 12.5
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments 3.6 0.5 (17.1)
Gain (Loss) on Sale of Accounts Receivable (48.0) (52.4) (23.4)
Foreign currency gains (losses) (2) 9.6 (13.9) 21.6
Taxes, Miscellaneous (0.3) (37.7) (6.8)
Amortization of Intangible Assets 15.2 15.2  
Total Other Expense, net (2.0) (140.4) (14.1)
Gain on settlement of financial instrument $ 0.0 $ 0.0 $ 20.7
v3.25.0.1
Significant Concentrations of Risk (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Concentration Risk [Line Items]      
Entity Number of Employees 20,370    
Boeing [Member] | Revenue [Member]      
Concentration Risk [Line Items]      
Concentration Risk, Percentage 58.00% 64.00% 60.00%
Boeing [Member] | Accounts Receivable [Member]      
Concentration Risk [Line Items]      
Concentration Risk, Percentage 30.00% 23.00%  
Airbus [Member] | Revenue [Member]      
Concentration Risk [Line Items]      
Concentration Risk, Percentage 21.00% 19.00% 22.00%
Airbus [Member] | Accounts Receivable [Member]      
Concentration Risk [Line Items]      
Concentration Risk, Percentage 28.00% 33.00%  
UNITED STATES      
Concentration Risk [Line Items]      
Entity Number of Employees 14,190    
v3.25.0.1
Segment Information (CY Table) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Revenues $ 6,316.6 $ 6,047.9 $ 5,029.6
Cost of Sales (7,492.5) (5,657.6) (4,814.9)
Excess Capacity Costs- B737MAX and A320 Production Schedules (196.5) (184.1) (157.3)
Restructuring Charges (0.7) (7.2) (0.2)
Consolidated Business Segments Operating Income (1,373.1) 193.1 48.4
Selling, General and Administrative Expense (365.5) (281.9) (279.2)
Segment Reporting, Unallocated Selling, General and Administrative Expense (365.5)    
Research and Development Expense (47.5) (45.4) (50.4)
Segment Information Unallocated Research And Development (47.5)    
Gross Operating Income (1,372.4) 206.2 48.6
Operating loss (1,786.1) (134.2) (281.2)
Interest and Debt Expense (353.5) (318.7) (244.1)
Other Operating Income (Expense), Net (2.0) (140.4) (14.1)
Loss before income taxes and equity in net income (loss) of affiliates (2,141.6) (593.3) (539.4)
Commercial [Member]      
Segment Reporting Information [Line Items]      
Revenues 4,927.4 4,885.0 4,068.4
Cost of Sales (6,263.3) (4,627.3) (3,993.0)
Excess Capacity Costs- B737MAX and A320 Production Schedules (186.5) (177.3) (149.5)
Segment Gross Income (1,522.4) 80.4 (82.7)
Restructuring Charges 0.7 6.3 0.2
Business Segment Operating Income (1,523.1) 66.0 (82.9)
Operating loss (1,523.1) 66.0 (82.9)
Loss before income taxes and equity in net income (loss) of affiliates (1,523.1) 66.0 (82.9)
Defense & Space [Member]      
Segment Reporting Information [Line Items]      
Revenues 975.2 789.0 649.8
Cost of Sales (870.5) (736.4) (571.5)
Excess Capacity Costs- B737MAX and A320 Production Schedules (10.0) (6.8) (7.8)
Segment Gross Income 94.7 45.8 72.8
Restructuring Charges 0.0 0.9 0.0
Business Segment Operating Income 94.7 44.7 72.8
Operating loss 94.7 44.7 72.8
Loss before income taxes and equity in net income (loss) of affiliates 94.7 44.7 72.8
Aftermarket [Member]      
Segment Reporting Information [Line Items]      
Revenues 414.0 373.9 311.4
Cost of Sales (358.7) (293.9) (250.4)
Excess Capacity Costs- B737MAX and A320 Production Schedules 0.0 0.0 0.0
Segment Gross Income 55.3 80.0 58.5
Restructuring Charges 0.0 0.0 0.0
Business Segment Operating Income 55.3 82.4 58.5
Operating loss 55.3 82.4 58.5
Loss before income taxes and equity in net income (loss) of affiliates 55.3 82.4 58.5
unallocated      
Segment Reporting Information [Line Items]      
Segment Reporting, Unallocated Selling, General and Administrative Expense   (281.9) (279.2)
Segment Information Unallocated Research And Development   (45.4) (50.4)
Operating loss (413.0) (327.3) (329.6)
Interest and Debt Expense (353.5) (318.7) (244.1)
Other Operating Income (Expense), Net (2.0) (140.4) (14.1)
Loss before income taxes and equity in net income (loss) of affiliates $ (768.5) $ (786.4) $ (587.8)
v3.25.0.1
Segment Information (PY Table) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Revenues $ 6,316.6 $ 6,047.9 $ 5,029.6
Cost of Goods and Services Sold 7,689.0 5,841.7 4,981.0
Excess Capacity Costs- B737MAX and A320 Production Schedules (196.5) (184.1) (157.3)
Gross Operating Income (1,372.4) 206.2 48.6
Restructuring Charges (0.7) (7.2) (0.2)
Other Expenses 0.0 (5.9) 0.0
Cost of Sales (7,492.5) (5,657.6) (4,814.9)
Segment Reporting, Unallocated Selling, General and Administrative Expense (365.5)    
Selling, General and Administrative Expense (365.5) (281.9) (279.2)
Segment Information Unallocated Research And Development (47.5)    
Research and Development Expense (47.5) (45.4) (50.4)
Operating loss (1,786.1) (134.2) (281.2)
Consolidated Business Segments Operating Income (1,373.1) 193.1 48.4
Interest and Debt Expense (353.5) (318.7) (244.1)
Other Operating Income (Expense), Net (2.0) (140.4) (14.1)
Loss before income taxes and equity in net income (loss) of affiliates (2,141.6) (593.3) (539.4)
Commercial [Member]      
Segment Reporting Information [Line Items]      
Revenues 4,927.4 4,885.0 4,068.4
Excess Capacity Costs- B737MAX and A320 Production Schedules (186.5) (177.3) (149.5)
Segment Gross Income (1,522.4) 80.4 (82.7)
Restructuring Charges 0.7 6.3 0.2
Other Expenses   (8.1)  
Cost of Sales (6,263.3) (4,627.3) (3,993.0)
Operating loss (1,523.1) 66.0 (82.9)
Business Segment Operating Income (1,523.1) 66.0 (82.9)
Loss before income taxes and equity in net income (loss) of affiliates (1,523.1) 66.0 (82.9)
Defense & Space [Member]      
Segment Reporting Information [Line Items]      
Revenues 975.2 789.0 649.8
Excess Capacity Costs- B737MAX and A320 Production Schedules (10.0) (6.8) (7.8)
Segment Gross Income 94.7 45.8 72.8
Restructuring Charges 0.0 0.9 0.0
Other Expenses   (0.2)  
Cost of Sales (870.5) (736.4) (571.5)
Operating loss 94.7 44.7 72.8
Business Segment Operating Income 94.7 44.7 72.8
Loss before income taxes and equity in net income (loss) of affiliates 94.7 44.7 72.8
Aftermarket [Member]      
Segment Reporting Information [Line Items]      
Revenues 414.0 373.9 311.4
Excess Capacity Costs- B737MAX and A320 Production Schedules 0.0 0.0 0.0
Segment Gross Income 55.3 80.0 58.5
Restructuring Charges 0.0 0.0 0.0
Other Expenses   2.4  
Cost of Sales (358.7) (293.9) (250.4)
Operating loss 55.3 82.4 58.5
Business Segment Operating Income 55.3 82.4 58.5
Loss before income taxes and equity in net income (loss) of affiliates 55.3 82.4 58.5
unallocated      
Segment Reporting Information [Line Items]      
Segment Reporting, Unallocated Selling, General and Administrative Expense   (281.9) (279.2)
Segment Information Unallocated Research And Development   (45.4) (50.4)
Operating loss (413.0) (327.3) (329.6)
Interest and Debt Expense (353.5) (318.7) (244.1)
Other Operating Income (Expense), Net (2.0) (140.4) (14.1)
Loss before income taxes and equity in net income (loss) of affiliates $ (768.5) $ (786.4) $ (587.8)
v3.25.0.1
Segment Information (PPY Table) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Revenues $ 6,316.6 $ 6,047.9 $ 5,029.6
Cost of Sales (7,492.5) (5,657.6) (4,814.9)
Excess Capacity Costs- B737MAX and A320 Production Schedules (196.5) (184.1) (157.3)
Segment Reporting, Other Segment Item, Amount     (8.8)
Gross Operating Income (1,372.4) 206.2 48.6
Restructuring Charges (0.7) (7.2) (0.2)
Consolidated Business Segments Operating Income (1,373.1) 193.1 48.4
Segment Reporting, Unallocated Selling, General and Administrative Expense (365.5)    
Selling, General and Administrative Expense (365.5) (281.9) (279.2)
Segment Information Unallocated Research And Development (47.5)    
Research and Development Expense (47.5) (45.4) (50.4)
Operating loss (1,786.1) (134.2) (281.2)
Interest and Debt Expense (353.5) (318.7) (244.1)
Other Operating Income (Expense), Net (2.0) (140.4) (14.1)
Loss before income taxes and equity in net income (loss) of affiliates (2,141.6) (593.3) (539.4)
Commercial [Member]      
Segment Reporting Information [Line Items]      
Revenues 4,927.4 4,885.0 4,068.4
Cost of Sales (6,263.3) (4,627.3) (3,993.0)
Excess Capacity Costs- B737MAX and A320 Production Schedules (186.5) (177.3) (149.5)
Segment Reporting, Other Segment Item, Amount     (8.6)
Segment Gross Income (1,522.4) 80.4 (82.7)
Restructuring Charges 0.7 6.3 0.2
Business Segment Operating Income (1,523.1) 66.0 (82.9)
Operating loss (1,523.1) 66.0 (82.9)
Loss before income taxes and equity in net income (loss) of affiliates (1,523.1) 66.0 (82.9)
Defense & Space [Member]      
Segment Reporting Information [Line Items]      
Revenues 975.2 789.0 649.8
Cost of Sales (870.5) (736.4) (571.5)
Excess Capacity Costs- B737MAX and A320 Production Schedules (10.0) (6.8) (7.8)
Segment Reporting, Other Segment Item, Amount     2.3
Segment Gross Income 94.7 45.8 72.8
Restructuring Charges 0.0 0.9 0.0
Business Segment Operating Income 94.7 44.7 72.8
Operating loss 94.7 44.7 72.8
Loss before income taxes and equity in net income (loss) of affiliates 94.7 44.7 72.8
Aftermarket [Member]      
Segment Reporting Information [Line Items]      
Revenues 414.0 373.9 311.4
Cost of Sales (358.7) (293.9) (250.4)
Excess Capacity Costs- B737MAX and A320 Production Schedules 0.0 0.0 0.0
Segment Reporting, Other Segment Item, Amount     (2.5)
Segment Gross Income 55.3 80.0 58.5
Restructuring Charges 0.0 0.0 0.0
Business Segment Operating Income 55.3 82.4 58.5
Operating loss 55.3 82.4 58.5
Loss before income taxes and equity in net income (loss) of affiliates 55.3 82.4 58.5
unallocated      
Segment Reporting Information [Line Items]      
Segment Reporting, Unallocated Selling, General and Administrative Expense   (281.9) (279.2)
Segment Information Unallocated Research And Development   (45.4) (50.4)
Operating loss (413.0) (327.3) (329.6)
Interest and Debt Expense (353.5) (318.7) (244.1)
Other Operating Income (Expense), Net (2.0) (140.4) (14.1)
Loss before income taxes and equity in net income (loss) of affiliates $ (768.5) $ (786.4) $ (587.8)
v3.25.0.1
Segment Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
customer
integer
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Segment Reporting [Abstract]      
Percentage Of Net Revenue Derived From Two Largest Customers 80.00%    
Number Of Largest Customers | customer 2    
Segment Revenues      
Revenues $ 6,316.6 $ 6,047.9 $ 5,029.6
Segment Operating Income      
Operating loss (1,786.1) (134.2) (281.2)
Textuals [Abstract]      
Asset Impairment Charges 2.0 0.0 0.0
Excess Capacity Costs- B737MAX and A320 Production Schedules 196.5 184.1 157.3
Restructuring Charges $ 0.7 7.2 0.2
Percentage Of Net Revenue Derived From Two Largest Customers 80.00%    
Number of Reportable Segments | integer 3    
Selling, General and Administrative Expense $ (365.5) (281.9) (279.2)
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability 0.0 (2.4) 0.0
Commercial [Member]      
Segment Revenues      
Revenues 4,927.4 4,885.0 4,068.4
Segment Operating Income      
Business Segment Operating Income (1,523.1) 66.0 (82.9)
Operating loss (1,523.1) 66.0 (82.9)
Textuals [Abstract]      
Excess Capacity Costs- B737MAX and A320 Production Schedules 186.5 177.3 149.5
Abnormal Costs- COVID19 production suspension     9.6
Restructuring Charges $ (0.7) (6.3) (0.2)
Segment Reporting, Disclosure of Major Customers Approximately 66%, 70%, and 65% of Commercial segment net revenues came from the Company’s contracts with Boeing for the twelve months ended December 31, 2024, 2023, and 2022, respectively. Approximately 27%, 23%, and 27% of Commercial segment net revenues came from the Company’s contracts with Airbus for the twelve months ended December 31, 2024, 2023, and 2022, respectively.    
Charge related to suspension of activities due to sanctions     24.7
Other Nonrecurring Expense $ 8.1    
AMJPP government grant award     25.7
AMJPP government grant award     25.7
Defense & Space [Member]      
Segment Revenues      
Revenues 975.2 789.0 649.8
Segment Operating Income      
Business Segment Operating Income 94.7 44.7 72.8
Operating loss 94.7 44.7 72.8
Textuals [Abstract]      
Excess Capacity Costs- B737MAX and A320 Production Schedules 10.0 6.8 7.8
Restructuring Charges $ 0.0 (0.9) 0.0
Segment Reporting, Disclosure of Major Customers Approximately 22%, 34%, and 34% of Defense & Space segment net revenues came from the Company’s contracts with an individual customer for the twelve months ended December 31, 2024, 2023, and 2022, respectively. In addition, a customer accounted for approximately 28%, 26%, and 30% of Defense & Space segment net revenues for the twelve months ended December 31, 2024, 2023, and 2022, respectively.    
Charge related to suspension of activities due to sanctions     4.4
Other Nonrecurring Expense $ 0.2    
AMJPP government grant award     2.3
AMJPP government grant award     2.3
Aftermarket [Member]      
Segment Revenues      
Revenues 414.0 373.9 311.4
Segment Operating Income      
Business Segment Operating Income 55.3 82.4 58.5
Operating loss 55.3 82.4 58.5
Textuals [Abstract]      
Excess Capacity Costs- B737MAX and A320 Production Schedules 0.0 0.0 0.0
Restructuring Charges $ 0.0 $ 0.0 0.0
Segment Reporting, Disclosure of Major Customers Approximately 54%, 47%, and 48% of Aftermarket segment net revenues came from the Company’s contracts with a single customer for the twelve months ended December 31, 2024, 2023, and 2022, respectively.    
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability $ (2.4)    
AMJPP government grant award     1.9
AMJPP government grant award     $ 1.9
v3.25.0.1
Segment Information (Details 1) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net revenues $ 6,316.6 $ 6,047.9 $ 5,029.6
Total Percentage Revenues 100.00% 100.00% 100.00%
Total Percentage Long Lived Assets 100.00% 100.00% 100.00%
Property, plant and equipment, net $ 1,947.9 $ 2,084.2 $ 2,205.9
United States [Member]      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Percent of Total Net Revenues, United States 76.00% 77.00% 76.00%
Long-Lived Assets $ 1,497.7 $ 1,605.0 $ 1,708.2
United States 77.00% 77.00% 78.00%
United Kingdom [Member]      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Percent of Total Net Revenues, International 10.00% 10.00% 13.00%
Long-Lived Assets $ 356.6 $ 384.0 $ 404.1
Disclosure on Geographic Areas, Long Lived Assets from External Customers Attributed to Foreign Countries 18.00% 18.00% 18.00%
Other [Member]      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net revenues $ 855.9 $ 798.3 $ 582.3
Percent of Total Net Revenues, International 14.00% 13.00% 11.00%
Long-Lived Assets $ 93.6 $ 95.2 $ 93.6
Disclosure on Geographic Areas, Long Lived Assets from External Customers Attributed to Foreign Countries 5.00% 5.00% 4.00%
Total International [Member]      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Percent of Total Net Revenues, International 24.00% 23.00% 24.00%
Long-Lived Assets $ 450.2 $ 479.2 $ 497.7
Disclosure on Geographic Areas, Long Lived Assets from External Customers Attributed to Foreign Countries 23.00% 23.00% 22.00%
v3.25.0.1
Supplemental Balance Sheet Information (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Accrued Expenses other [Line Items]    
Other Accrued Liabilities, Current $ 155.0 $ 110.8
Other Liabilities, Noncurrent 137.2 135.5
Accrued Liabilities, Current [Abstract]    
Accrued wages and bonuses 51.5 63.3
Accrued fringe benefits 113.9 118.0
Accrued Payroll Taxes, Current 8.6 10.0
Accrued interest 39.8 34.1
Workers’ compensation 10.6 9.4
Property and sales tax 25.8 26.0
Warranty/extraordinary rework reserve — current 0.6 1.0
Other (1) 155.0 110.8
Total 453.3 420.1
Other Liabilities, Noncurrent [Abstract]    
Warranty/extraordinary rework reserve - non-current 86.1 81.7
Other (2) 51.1 53.8
Total 137.2 135.5
Estimated Litigation Liability 47.5 $ 47.5
Government funding (or partially funding) of capital    
Accrued Expenses other [Line Items]    
Other Liabilities, Noncurrent 8.2  
Other Liabilities, Noncurrent [Abstract]    
Total $ 8.2  
v3.25.0.1
Restructuring and Related Activities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]      
Restructuring Charges $ 0.7 $ 7.2 $ 0.2
Excess Capacity Costs- B737MAX and A320 Production Schedules 196.5 184.1 157.3
Commercial [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring Charges (0.7) (6.3) (0.2)
Abnormal Costs- COVID19 production suspension     9.6
Excess Capacity Costs- B737MAX and A320 Production Schedules 186.5 177.3 149.5
Defense & Space [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring Charges 0.0 (0.9) 0.0
Excess Capacity Costs- B737MAX and A320 Production Schedules 10.0 6.8 7.8
Aftermarket [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring Charges 0.0 0.0 0.0
Excess Capacity Costs- B737MAX and A320 Production Schedules $ 0.0 $ 0.0 $ 0.0
v3.25.0.1
Acquisitions (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition, Contingent Consideration [Line Items]      
Goodwill $ 630.0 $ 631.2  
Revenues 6,316.6 6,047.9 $ 5,029.6
Net income $ (2,139.8) $ (616.2) $ (545.7)
Earnings Per Share, Diluted $ (18.32) $ (5.78) $ (5.21)
Provision for Loss on Contracts $ 471.5 $ 256.6  
Goodwill, Other Increase (Decrease) 0.0    
Payments to Acquire Businesses, Net of Cash Acquired 0.0 0.0 $ 31.3
Disposal Group, Including Discontinued Operation, Consideration $ 165.0    
Mergers, Acquisitions and Dispositions Disclosures [Text Block] Acquisitions and Dispositions
Acquisitions

T.E.A.M., Inc.

On November 23, 2022, Spirit AeroSystems Textiles, LLC (“Spirit Textiles”), a fully owned subsidiary of Spirit AeroSystems, Inc. closed its purchase of substantially all of the assets and all of the liabilities of T.E.A.M., Inc., a Rhode Island corporation, which is engaged in the business of manufacturing and engineering textiles, composites, and textile and composite products, for cash consideration of $31.3. The acquisition was accounted for as a business combination in accordance with ASC Topic 805, Business Combinations. The purchase price has been allocated among assets acquired and liabilities assumed at fair value based on information currently available, with the excess purchase price recorded as goodwill, which is fully allocated to the Defense & Space segment. As of December 31, 2022, the Company had preliminarily concluded, but not finalized, its
assessment and purchase price allocation of the acquisition. The final fair value determination is subject to a contractual post-closing working capital true-up, which the Company concluded in the first quarter of 2023. The final purchase price allocation resulted in $0.6 adjustments to the assets acquired and the liabilities assumed that were recorded as of the acquisition date, which were included in the Consolidated Balance Sheet as of December 31, 2022. The adjusted assets acquired and the liabilities assumed included $8.3 of property, plant and equipment, $1.7 of working capital, $13.5 of intangible assets and $7.7 allocated to goodwill, which is expected to be deductible for tax purposes. Operating income is immaterial and reported within the Defense & Space segment.

There were no acquisition-related expenses for the twelve months ended December 31, 2024 and December 31, 2023, respectively.

Dispositions

Fiber Materials, Inc.

On November 17, 2024, the Company entered into a definitive agreement to sell our Fiber Materials, Inc. (“FMI”) business, a fully owned subsidiary of Spirit AeroSystems, Inc. which operated in the Company’s Defense & Space segment, for $165.0, subject to customary purchase price adjustments and closing conditions as set forth in the definitive agreement. The transaction closed on January 13, 2025.

The carrying amounts of the assets and liabilities of FMI classified as held for sale in our Consolidated Balance Sheets as of December 31, 2024 were as follows:

December 31, 2024
($ in millions)
Assets
Accounts receivable, net
$9.8 
Contract assets, short-term
24.6 
Inventory, net
7.3 
Other current assets
1.3 
Property, plant and equipment, net
22.6 
Right of use assets
2.4 
Goodwill
1.1 
Intangible assets, net
31.5 
Total assets held for sale
$100.6 
Liabilities
Accounts payable
$1.2 
Accrued expenses
3.5 
Profit sharing
2.2 
Operating lease liabilities, short-term
0.2 
Contract liabilities, short-term
6.4 
Operating lease liabilities, long-term
2.3 
Deferred income taxes
3.0 
Total liabilities held for sale
$18.8 
    
Goodwill, Acquired During Period $ 0.0    
Payments to Acquire Businesses, Net of Cash Acquired 0.0 0.0 31.3
Commercial [Member]      
Business Acquisition, Contingent Consideration [Line Items]      
Goodwill 296.5 296.6  
Revenues 4,927.4 4,885.0 4,068.4
Goodwill, Other Increase (Decrease) 0.0    
Goodwill, Acquired During Period 0.0    
Defense & Space [Member]      
Business Acquisition, Contingent Consideration [Line Items]      
Goodwill 12.1 13.2  
Revenues 975.2 789.0 649.8
Goodwill, Other Increase (Decrease) 0.0    
Aftermarket [Member]      
Business Acquisition, Contingent Consideration [Line Items]      
Goodwill 321.4 321.4  
Revenues 414.0 373.9 $ 311.4
Goodwill, Other Increase (Decrease) 0.0    
Goodwill, Acquired During Period $ 0.0    
T.E.A.M., Inc. Acquisition      
Business Acquisition, Contingent Consideration [Line Items]      
Business Acquisition, Effective Date of Acquisition Nov. 23, 2022    
Business Acquisition, Description of Acquired Entity a Rhode Island corporation, which is engaged in the business of manufacturing and engineering textiles, composites, and textile and composite products    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment   8.3  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles   13.5  
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets $ (0.6)    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets   1.7  
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net   $ 7.7  
T.E.A.M., Inc. Acquisition | Defense & Space [Member]      
Business Acquisition, Contingent Consideration [Line Items]      
Goodwill, Acquired During Period $ 0.0    
v3.25.0.1
Payables and Accruals (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Supplier Finance Program [Line Items]      
Supplier Finance Program, Obligation $ 76.8 $ 155.6 $ 102.0
Supplier Finance Program, Obligation, Addition 468.1 496.2  
Supplier Finance Program, Obligation, Settlement (546.9) $ (442.6)  
Line of Credit Facility, Capacity Available for Trade Purchases $ 122.0    
v3.25.0.1
Organization, Consolidation and Presentation of Financial Statements (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Agreement and Plan of Merger with The Boeing Company
Agreement and Plan of Merger with The Boeing Company

On June 30, 2024, Holdings entered into an Agreement and Plan of Merger (the “Merger Agreement”) with The Boeing Company (“Boeing”) and Sphere Acquisition Corp., a wholly owned subsidiary of Boeing (“Merger Sub”). The Merger Agreement provides that, subject to the terms and conditions set forth in the Merger Agreement, Merger Sub will merge with and into Holdings (the “Merger”), with Holdings surviving the Merger and becoming a wholly owned subsidiary of Boeing.
On the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of Holdings Class A Common Stock, par value $0.01 per share (“Holdings Common Stock”) issued and outstanding immediately prior to the Effective Time (other than shares of Holdings Common Stock owned by Boeing, Merger Sub, any other wholly owned subsidiary of Boeing, Holdings, or any wholly owned subsidiary of Holdings, in each case, not held on behalf of third parties) will be automatically cancelled and cease to exist and will be converted into the right to receive a number of shares of Holdings Common Stock, of the par value of $5 each, of Boeing (“Boeing Common Stock”) equal to (a) if the volume-weighted average price per share of Boeing Common Stock on the New York Stock Exchange for the 15 consecutive trading days ending on and including the second full trading day prior to the Effective Time (the “Boeing Stock Price”), is greater than $149.00 but less than $206.94, the quotient obtained by dividing $37.25 by the Boeing Stock Price, rounded to four decimal places or (b) if the Boeing Stock Price is greater than or equal to $206.94, 0.1800 or (c) if the Boeing Stock Price is equal to or less than $149.00, 0.2500 (such number of shares of Boeing Common Stock, the “Per Share Merger Consideration”).

Under the terms of the Merger Agreement, the closing of the Merger is subject to various conditions, including: (a) the adoption of the Merger Agreement by the holders of a majority of the outstanding shares of Holdings Common Stock entitled to vote thereon (the “Holdings Stockholder Approval”); (b) the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), and the receipt of other specified regulatory approvals (collectively, including the expiration or termination of any such waiting periods, the “Regulatory Approvals”); (c) the absence of any law or order issued by a governmental entity prohibiting the consummation of the Merger; (d) the approval for listing on the New York Stock Exchange of, and the effectiveness of a registration statement on Form S‑4 relating to, the shares of Boeing Common Stock to be issued in the Merger; (e) solely with respect to the obligations of Boeing and Merger Sub to effect the closing of the Merger, (1) the accuracy (subject to materiality qualifiers in certain cases) of the representations and warranties of Holdings contained in the Merger Agreement, (2) Holdings having performed in all material respects the obligations required to be performed by it under the Merger Agreement at or prior to the closing of the Merger, (3) the Regulatory Approvals having been obtained without the imposition of a Burdensome Condition (as defined in the Merger Agreement), (4) the absence of a Material Adverse Effect (as defined in the Merger Agreement) or any event that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect since the date of the Merger Agreement and (5) Holdings having completed the divestiture of certain portions of the Company’s business related to the performance by the Company of its obligations under supply contracts with Airbus SE and its affiliates (the “Spirit Airbus Business”); and (f) solely with respect to the obligation of Holdings to effect the closing of the Merger, (1) the accuracy (subject to materiality qualifiers in certain cases) of the representations and warranties of Boeing and Merger Sub contained in the Merger Agreement, (2) each of Boeing and Merger Sub having performed in all material respects the obligations required to be performed by it under the Merger Agreement at or prior to the closing of the Merger and (3) the absence of a Parent Material Adverse Effect (as defined in the Merger Agreement) or any event that would reasonably be expected to have, individually or in the aggregate, a Parent Material Adverse Effect since the date of the Merger Agreement.

The Merger Agreement includes customary representations, warranties and covenants of Holdings, Boeing and Merger Sub, including covenants restricting Holdings from soliciting alternative acquisition proposals, governing the conduct of the Company’s business during the period between the date of the Merger Agreement and completion of the Merger and relating to the parties’ efforts to consummate the Merger as promptly as reasonably practicable. The Merger Agreement includes provisions to facilitate the disposition by the Company to Airbus SE and its affiliates (“Airbus”) of the Spirit Airbus Business, as contemplated by a term sheet between Spirit and Airbus SE (the “Airbus Term Sheet”) described below under the sub-heading Airbus Term Sheet. The Merger Agreement also includes provisions, which are consistent with provisions in the Airbus Term Sheet, to facilitate the potential sale, subject to certain Boeing consent rights, by the Company to other third parties of specified assets and businesses, some of which include or comprise parts of the Spirit Airbus Business. Such specified assets and businesses include, among others, the Company’s operations in Belfast, Northern Ireland (other than the operations that are part of the Spirit Airbus Business) and Subang, Malaysia, certain of the Company’s operations in Prestwick, Scotland and the Company’s Fiber Materials, Inc. business.

The Merger Agreement includes termination provisions under which either Holdings or Boeing may terminate the Merger Agreement in various circumstances, including if the Merger has not been consummated by March 31, 2025, subject to three automatic three-month extensions if on each such date all of the closing conditions except those relating to regulatory approvals or the disposition of the Spirit Airbus Business have been satisfied or waived (such date, as so extended (if applicable), the “Outside Date”). Upon termination of the Merger Agreement in specified circumstances, Boeing would be required to pay to Holdings a termination fee of $300.0 reduced (but not to less than zero) by the aggregate then-outstanding amount of cash
advances to be repaid by the Company to Boeing, whether or not then due and payable, pursuant to the applicable agreements governing cash advances by Boeing to the Company.

Subject to satisfaction of the closing conditions in the Merger Agreement, the closing of the Merger is expected to occur in mid-2025.

In connection with the proposed merger, Spirit and Boeing have each received a request for additional information (“second request”) from the Federal Trade Commission as part of the regulatory review process under the HSR Act. The second request extends the waiting period imposed by the HSR Act until 30 days after Spirit and Boeing have substantially complied with the requests or the waiting period is terminated sooner by the Federal Trade Commission.

Other than transaction expenses associated with the Merger of $66.0 for the twelve months ended December 31, 2024, recorded within Selling, general and administrative expense in our Consolidated Statements of Operations, the Merger Agreement did not affect the Company’s consolidated financial statements for the twelve months ended December 31, 2024.
    
Airbus Term Sheet Agreement
Airbus Term Sheet

Spirit and Airbus SE entered into the Airbus Term Sheet on June 30, 2024. The Airbus Term Sheet is a binding term sheet under which the parties have agreed to negotiate in good faith definitive agreements (the “Definitive Agreements”), including a purchase agreement, providing for the acquisition by Airbus or its affiliates of the Spirit Airbus Business on the terms set forth in the Airbus Term Sheet with the goal of permitting Boeing and Holdings to consummate the Merger prior to the Outside Date. The Airbus Term Sheet provides that the execution of the Definitive Agreements will be subject to and conditioned upon the completion to the satisfaction of Airbus of its due diligence. The Airbus Term Sheet contemplates that specified portions of the Spirit Airbus Business, such as the portion of the Spirit Airbus Business in Prestwick, Scotland (the “Airbus Prestwick Business”), may, instead of being acquired by Airbus or its affiliates, be acquired by one or more third parties.

Under the transaction terms set forth in the Airbus Term Sheet, Airbus would acquire from Spirit and its subsidiaries the Spirit Airbus Business, excluding any portions thereof to be acquired by third parties, and cash in the amount of $559.0 (subject to downward adjustment if the acquisition by Airbus includes the Airbus Prestwick Business) for nominal consideration of one dollar, subject to working capital and other purchase price adjustments and additional adjustments, to be agreed between the parties prior to execution and delivery of the Definitive Agreements, to reflect the fair market value of specified assets of the Spirit Airbus Business to the extent they are to be acquired by Airbus rather than third parties.

The transaction terms set forth in the Airbus Term Sheet include provisions for, among other things, the payment in full by Spirit to Airbus of any loans, advance payments, similar arrangements and undisputed liquidated damages owing from Spirit to Airbus (the “Outstanding Amounts”) as of the closing of the transactions contemplated by the Airbus Term Sheet (the “Airbus Transactions,” and such closing, the “Airbus Closing”), with any disputed liquidated damages to be resolved and paid in accordance with a mutually agreed dispute resolution process; transitional arrangements with respect to specified real estate; obtaining third-party consents; segregation of Spirit’s business conducted primarily for the benefit of Airbus from the remainder of Spirit’s business and treatment of vendor and supply contracts, employees, intellectual property, pensions and unfunded employee liabilities in connection with the separation of those portions of Spirit’s business; mutual indemnification and releases; inclusion in the Definitive Agreements of customary representations, warranties and covenants; and transitional and other arrangements to be entered into by the parties at the Airbus Closing.

Under the transaction terms set forth in the Airbus Term Sheet, the Airbus Closing would be conditioned upon the receipt of applicable governmental and regulatory consents, approvals and clearances; the absence of any order, legal prohibition or injunction preventing the consummation of the Airbus Transactions; compliance by the parties with their pre-closing covenants in all material respects; payment in full of the Outstanding Amounts; the closing under the Merger Agreement occurring substantially concurrently with the Airbus Transactions; there being no material adverse change after the date of the Definitive Agreements and before the Airbus Closing in the business operations to be acquired by Airbus at the Airbus Closing; and Spirit’s implementation in all material respects of technical measures and policies to protect confidential data of Airbus.

The Airbus Term Sheet provides that no binding agreement has been made with respect to the French aspects of the Airbus Transactions (“Airbus French Transactions”). Prior to the Company and Airbus and its affiliates entering into definitive agreements that are applicable to the Airbus French Transactions, Spirit and Airbus have agreed to comply with their respective
information and consultation obligations with applicable employees and employee representatives. The Airbus Term Sheet also provides that the parties will complete necessary labor consultations and obtain necessary approvals from applicable unions and works councils in various jurisdictions, as may be legally required.
    
Payments for Merger Related Costs $ 66.0    
Net income (2,139.8) $ (616.2) $ (545.7)
Net Cash Provided by (Used in) Operating Activities (1,120.9) (225.8) (394.6)
Repayments of Other Debt $ 40.0 $ 0.0 $ 0.0
v3.25.0.1
Discontinued Operations and Disposal Groups (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Disposal Group, Including Discontinued Operation, Goodwill $ 1.1    
Disposal Group, Including Discontinued Operation, Assets 100.6 $ 0.0  
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities 3.0 0.0 $ 0.0
Disposal Group, Including Discontinued Operation, Liabilities 18.8 $ 0.0  
Fiber Materials, Inc.      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net 9.8    
Disposal group, contract assets, short-term 24.6    
Disposal Group, Including Discontinued Operation, Inventory 7.3    
Disposal Group, Including Discontinued Operation, Other Assets, Current 1.3    
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment 22.6    
Disposal Group, Operating lease Right-of-Use assets 2.4    
Disposal Group, Including Discontinued Operation, Goodwill 1.1    
Disposal Group, Including Discontinued Operation, Intangible Assets 31.5    
Disposal Group, Including Discontinued Operation, Accounts Payable 1.2    
Disposal Group, Including Discontinued Operation, Accrued Liabilities 3.5    
Disposal Group, deferred compensation liability 2.2    
Disposal Group, Operating Lease Liabilities, short-term 0.2    
Disposal Group, Contract Liabilities, short-term 6.4    
Disposal Group, Operating Lease Liabilities, long-term 2.3    
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities $ 3.0    
v3.25.0.1
Other Liabilities (Details)
 12 Months Ended
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]  
Customer Financing Disclosure Customer Financing
As described in the Form 8-K filed by us on November 12, 2024, on November 8, 2024, we entered into an advance payments agreement with Boeing to provide up to $350.0 of cash advances for the sole purpose of producing and maintaining readiness to produce products as defined in existing contracts at the rates required by Boeing. These advances were intended to address Spirit’s higher levels of inventory and contract assets, lower operational cash flows, decrease in expected deliveries to Boeing and higher factory costs to maintain rate readiness, attributed to product quality verification process enhancements (including moving such process from Renton, Washington, to Wichita, Kansas), the lingering effects of the recent strike by Boeing employees and limitations on Boeing increasing production rates. As of December 31, 2024, we had borrowed $200.0 under this advance agreement.

The advance agreement requires Spirit to repay the advances to Boeing in accordance with the following payment schedule: 25% of the then-outstanding advances on each of April 30, 2026, June 30, 2026, and September 30, 2026, and the remaining balance of outstanding advances on December 31, 2026. The advances will bear an advance fee in an amount equal to 6.0% of the outstanding amount of the advances which will be paid on the fifteenth day of each calendar quarter, by capitalizing such fee and adding it to the outstanding amount of Advances thereunder.

Included on the Company’s Consolidated Balance Sheet for the twelve months ended December 31, 2024 is a liability related to the customer financing of $180.0 from Boeing received in the twelve months ended December 31, 2023. Per the terms of the January 2025 amended agreement, equal payments of $45.0 are due in October, November and December of 2026 with the final $45.0 payment due in December 2027. Prior to the amendment, $90.0 was payable in December 2025 such that it was included in Customer financing, short-term on the Company’s Consolidated Balance Sheet as of December 31, 2024. See Note 32, Subsequent Events.

On April 18, 2024, the Company entered into the MOA with Boeing to provide $425.0 of cash advances, which was received in the second quarter of 2024. On June 20, 2024, the MOA was amended such that Boeing agreed to provide an additional $40.0 of cash advances, also received in the second quarter of 2024. The MOA was amended again on January 22, 2025 to reschedule the repayment dates to be a total of $75.0 on April 1, 2026, $75.0 on May 1, 2026, $75.0 on June 1, 2026, $75.0 on July 1, 2026, $75.0 on August 1, 2026 and $50.0 on September 1, 2026. As of the date of this filing, the Company has repaid $40.0 of the MOA advances. See Note 32, Subsequent Events.

During the three months ended March 28, 2024, the Company received an advanced payment from Airbus of $17.0 under a term sheet agreement between Airbus Canada Limited Partnership (“Airbus Canada”) and Shorts Brothers PLC (the Company’s facilities located in Belfast, Northern Ireland), for short term funding for increased freight costs incurred in the period from January to March 2024. See also the disclosure under the heading “Airbus Term Sheet” in Note 2 Basis of Presentation.

On June 28, 2024, the Company entered into a Memorandum of Agreement between Airbus S.A.S. and Spirit Europe, Shorts Brothers PLC and Spirit NC (the “2024 Airbus MOA”), to receive $50.0 in advances related to certain program related expenditures. During the three months ended September 26, 2024, the Company received $27.4 of the advances. The remaining $22.6 was received on October 2, 2024. The 2024 Airbus MOA was amended on October 6, 2024 to include an additional $12.0 for specified expenditures. The additional $12.0 was received on October 8, 2024. It was amended again on November 8, 2024 to increase the funding capacity by $57.0. On December 18, 2024, Spirit received $20.0 of the additional capacity. Per the terms
of the amended memorandum of agreement, these amounts will be assumed by Airbus upon close of the Airbus Transactions, or if earlier, repaid to Airbus on April 1, 2026.

Given these terms, $532.0 of the advances are included in the Customer financing, short-term line item and $372.0 of the advances are included in the Customer financing, long-term line item on the Company’s Consolidated Balance Sheets as of December 31, 2024. The amounts at year-end represent the timing of the repayment dates prior to the January 2025 amendments to the Boeing agreements which represent $515.0 of advances which become long-term under the amended payment dates.